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

Map showing closures on McCright from the children's park to the golf course, Fox Bend, John Lee

Parts of Riverside Park close

Posted on: June 4, 2021
Map showing Riverside Park with closures at Fox Bend, Grover's Bend and John F. Lee Drive

Most of Riverside Park reopens

Posted on: May 28, 2021
Map showing closure of Bottom Road

Bottom Road to close

Posted on: May 26, 2021
Map showing closed areas of Riverside Park. Main roads (McCright Drive and Memorial Drive) are open.

Riverside Park to close Wednesday

Posted on: May 25, 2021
Young kids stand under a water pouring feature at a splash pad

Splash pads to open 7 days a week

Posted on: April 23, 2021
Utility Billing Office exterior

City of Victoria issues boil-water notice

Posted on: February 17, 2021
Elevated view of the Leo J. Welder Center building. A Main Street banner and street art are visible.

City asks for input about downtown

Posted on: January 11, 2021
Assistant City Manager Darrek Ferrell

City of Victoria seeks broadband developer

Posted on: December 15, 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
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
Jesus Garza

City moves forward with master plans

Posted on: September 22, 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