$750M Mixed-Use Development in Friendswood: A Game-Changer for Suburban Houston

Photo byCourtesy Wolfgramm

A pair of local developers are gearing up to commence work on a substantial project valued at $750 million, encompassing residential apartments, retail spaces, office buildings, and a public park in a suburban area positioned 24 miles from Houston. The expansive 106-acre mixed-use development initiative, spearheaded by Tannos Development Group and Wolfgramm Capital, is set to initiate its first phase on April 18 in Friendswood. Construction works are scheduled to commence towards the close of the current year. Situated at 3801 FM 528, the venture will introduce a residential complex with around 500 units to the southeastern periphery, accompanied by a new upscale hotel inclusive of a convention center.

"Presently, we are prepared to proceed with clearing, retention, and leveling," stated Koloa Wolfgramm, the co-founder and CEO of Wolfgramm. He further mentioned that Tannos will be overseeing this segment of the project. Wolfgramm will primarily oversee development, supported by several smaller developers involved in smaller retail building initiatives. This development features ample parking space, 150,000 square feet dedicated to retail and restaurant establishments, and an additional 200,000 square feet reserved for office use. Moreover, the project encompasses a 52-acre park with extensive walking and jogging paths, as well as a lake complete with a fishing pier for public use.

"We've had a lot of movement out of downtown [from companies]," Wolfgramm said. "Instead of working in a 52-story building downtown, they would rather work in a four-story building in Friendswood," He added that medical offices are especially in demand in suburban areas.

The development of the retail sites will mark the commencement of construction activities, together with the initiation of two medical office buildings, as indicated by Wolfgramm. Tannos is anticipated to lead the development of one of the medical office buildings, while Wolfgramm will oversee the construction of the other. In the upcoming months, both the apartments and the hotel are scheduled to begin construction. Notably, the convention center deemed a crucial addition by Wolfgramm, is designed to accommodate approximately 500 individuals and provide a venue for fostering connections among community members. Previously, residents in the vicinity had to travel to Galveston or Houston to attend galas or events.

The upcoming development is anticipated to be a significant source of revenue for the city, constituting roughly one-third of Friendswood's total revenue upon its completion, as mentioned by Wolfgramm. Notably, the project has been designed to address potential flooding issues, with the developers allocating approximately $25 million towards enhancing the existing detention system by widening it and constructing three additional lakes to establish a multi-tiered detention approach.

The completion of the project is anticipated to be achieved within a time frame of five to seven years, as stated by Wolfgramm. In a prior decision, the city of Friendswood approved modifications in zoning regulations to facilitate the introduction of multifamily housing and an increase in commercial activity within the area. The project developers have outlined their intention to establish a new road connecting Blackhawk Boulevard to Bay Area Boulevard, along with the installation of traffic signal lights at the intersection.

"We manage a fairly large fund, and we've done quite a few projects in Vegas, South Carolina, Arizona, Texas, Southern California, and Louisiana," Wolfgramm said, adding they will spend about $700 million of the projected development. They believe so much in the growth of the area, that they've even recently moved their headquarters a mile away from the development. "We're all in on Friendswood."