The Chronicle‘s Nancy Sarnoff reports that the group redeveloping the old AstroWorld site hopes to create a municipal management district and get a light rail extension:
Angel/McIver Interests is seeking the creation of a municipal management district for the site.
The special district would help finance infrastructure, such as roads and drainage systems, as well as parking facilities, landscaping and security, according to Robert Randolph, an attorney working with the Conroe-based company that bought the acreage last summer.
The investment group is planning a mixed-use transit-oriented development for the former theme park land. It would include high-density residential units, offices, shops and a hotel.
The management district would sell bonds to build the facilities, as well as collect taxes, user fees, parking revenues and potentially levy special assessments on property owners to pay for the bonds.
Part of the plan includes a proposal to reroute the light rail line through the property.
A Metro spokeswoman said the Metropolitan Transit Authority has requested a proposal from Angel/McIver, but it has not yet received it.
Why does it so often seem like METRO views itself as a vehicle for real-estate development, rather than a transit organization?
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