News Flash

News Releases

Posted on: November 4, 2020

Outside developer will invest $31M in economic development for City

Map showing lot near Home Depot with squares marked for 10 retail spaces, plus 8 more pads.

PHOTO: This map shows the plan for a new shopping center and additional pads on undeveloped land owned by Houston-based Property Commerce. The Victoria City Council on Nov. 3 approved an agreement to relocate a nearby exit ramp to provide access to the property.

The Victoria City Council at its meeting Nov. 3 approved an agreement to relocate an exit ramp to provide access to 38 acres of undeveloped land adjacent to Home Depot, which will pave the way for a new $31 million shopping center that is projected to generate about $700,000 in local tax revenue per year upon its completion. 

Under the agreement with Houston-based Property Commerce, which owns the land, the City will contract with TxDOT to relocate the John Stockbauer exit ramp off Zac Lentz Parkway, which currently bypasses the site of the proposed shopping center.

“The developer has owned this property for quite some time, and the lack of access was the biggest obstacle to development,” said Assistant City Manager Mike Etienne. “The City’s investment and TxDOT’s support in relocating the ramp will essentially make this property developable.” 

The Victoria Sales Tax Development Corporation will pay $816,087.19 toward the relocation of the exit ramp. As part of the agreement, Property Commerce must begin construction by September 2021, and the tenants must meet established sales targets within a five-year timeframe.

Victoria’s 2035 Comprehensive Plan calls for the City to encourage economic development utilizing a variety of tools at its disposal, including Chapter 380 economic development agreements such as this one. Once completed, the shopping center is projected to generate approximately $77,000 in property tax revenue and $622,000 in combined sales tax revenue for the City and the VSTDC per year in addition to taxes collected by other local entities.

“Large-scale retail projects like this one have the potential for tremendous return on investment because they generate both property and sales tax revenue while creating jobs in our community,” said City Manager Jesús A. Garza. “We have the data to show that millions of dollars are spent by Victorians in retail stores outside of our community, and projects like these will help keep local monies local.” 

The shopping center is expected to have about 10 retail spaces totaling approximately 150,000 square feet, with room for future expansion. Construction of the shopping center and the new ramp are scheduled for completion in early 2022. The shopping center is expected to open later that summer. 

Want to receive more updates like this? Subscribe to our weekly newsletter, The City View.


Facebook Twitter Email

Other News in News Releases

Thanksgiving meal with turkey, stuffing and traditional sides.

City of Victoria closings for Thanksgiving

Posted on: November 20, 2020
Map showing road closure on Crestwood Drive from Halsey Street to Ben Jordan Street.

Part of Crestwood Drive to close

Posted on: November 20, 2020
Map showing road closure on Crestwood Drive from Halsey Street to Ben Jordan Street.

Part of Crestwood Drive to close

Posted on: November 17, 2020
A hose-end sprinkler on a bright green lawn.

City needs public to conserve water

Posted on: November 17, 2020
Side-by-side portraits of two women

City of Victoria announces new hires

Posted on: November 17, 2020
Map showing that one block of Main Street is closed from Commercial to Goodwin by the library

Part of Main Street to close

Posted on: November 12, 2020
Map showing road closure on Crestwood Drive from Halsey Street to Ben Jordan Street.

Part of Crestwood Drive to close

Posted on: November 12, 2020
Group of people outdoors smiling with trash bags and gloves. Some raise hands or give thumbs-up.

City to host 1st community cleanup

Posted on: November 10, 2020
Map showing road closure on Crestwood Drive from Halsey Street to Ben Jordan Street.

Part of Crestwood Drive to close

Posted on: November 9, 2020
Map showing that Crestwood Drive will be closed between Laurent and Azalea.

Part of Crestwood Drive to close Nov. 4

Posted on: November 2, 2020
South Bridge Street to close from West Juan Linn Street to West Church Street

Part of South Bridge Street to close

Posted on: October 15, 2020
Airline Road to close between Bluebonnet Drive and Laurent Street

Part of Airline Road to close

Posted on: October 6, 2020
Entrances to Riverside Park will close; PumpHouse, Zoo and Lions Club will be accessible to south

Riverside Park to close Wednesday night

Posted on: October 6, 2020
South Bridge Street to close from West Juan Linn Street to West Church Street

Part of South Bridge Street to close

Posted on: October 6, 2020
Part of U.S. 77 to close completely near Northside Road, including intersection

Part of U.S. Highway 77 to close

Posted on: September 25, 2020
Jesus Garza

City moves forward with master plans

Posted on: September 22, 2020
North Street will close to through traffic from Laurent Street to George Street

Part of North Street to close

Posted on: September 17, 2020
Police Patches

City announces chief of police finalists

Posted on: September 11, 2020

Notice of Adopted 2020 Tax Rate

Posted on: September 3, 2020
Texas Department of Transportation logo

Navarro median project update

Posted on: June 26, 2020
700 Main Center

City facilities to close to public

Posted on: March 20, 2020
051820_mainstreet_city_corner

Victoria Main Street board to fill vacancy

Posted on: February 24, 2020