MetroPark developers announce new tenant
A national chain dedicated to indoor trampoline parks is the latest business to set its sights for Shenandoah’s long-anticipated MetroPark multi-use development.
The 37,000-square foot Urban Air Trampoline & Adventure Park is joining the growing list of tenants—many yet to be named— setting up shop within the Sam Moon Group’s roughly 70-acre MetroPark development, a hub for entertainment, fine dining, highend living and luxury shopping.
Michael Browning, Urban Air’s Co-Founder and CEO, could not be reached for comment, but in a statement said that the company was “thrilled to bring our Adventure Park Attractions” to The Woodlands area. The national chain has numerous parks across Texas and most recently opened a location in Spring, just south of the Grand Parkway. The parks feature indoor attractions for children, such as skydiving, a coaster, and rope climbing, as well as a café.
The trampoline park slated to open in Spring 2018 is just one of a few businesses that have committed to coming to Shenandoah’s MetroPark development. MetroPark tenants The Sam Moon Group, a Dallasbased company, which operates in various industries including commercial real estate, has kept under wraps the names of possible tenants for its MetroPark site, a 69.76-acre multi-use development within the Shenandoah city limits that is expected to bring in a substantial amount of sales tax revenue that will not only benefit the city of Shenandoah but also the region, according to city officials and at least one expert.
On Wednesday, Dec. 13, the Shenandoah City Council met in a closed session to discuss the MetroPark project, eventually voting 5-0 to move forward with the MetroPark’s Developer’s Agreement and a Public Improvement District.
Katie Reyer, interim city administrator, said the approval of the resolution by the council, “Moves the project forward and does allow (Shenandoah) to get the ball rolling.”
Reyer also said city staff will, within the next week, post all documents related to the issue both online and at City Hall.
“(The documents) Will be available for a period of time for public review,” Reyer added.
Gil Staley, CEO of The Woodlands Economic Development Partnership, called the development an asset to the region that would “bring revenue for years to come.”
But Staley said it was too early to start calculating how much sales tax revenue in dollars that would translate into for the city of Shenandoah.
“That is yet to be determined, until they outline the tenants that will go into this development,” Staley said. “They have some significant anchors, with AMC Theaters and Dave & Busters. Those will contribute heavily to the sales tax base.”
Residents and nearby businesses have speculated as to who would occupy the hundreds of thousands of square feet of retail and restaurant space within the site that sits east of Interstate 45 North.
Daniel Moon, the vice president of the Sam Moon Group, said residents can expect to see regional or national chains of an ice cream parlor, a quickservice Asian bistro, a European-style pub, a ramen restaurant, a Mexican restaurant, a mattress store and a salon suites space for beauty services.
Moon said he understands the anticipation residents feel and, just like everyone else, he “is excited to start releasing names,” but can’t due to agreements and contracts not being finalized with the businesses.
The names of those businesses and brands will slowly trickle out over the next few months, Moon added. He expects the first wave of tenants to close out by the end of the first quarter, he said.
Entertainment giants such as AMC-10 Theater (with an IMAX screen), a 40,000-square feet Dave & Buster’s and now Urban Air are confirmed, Moon said, noting that the new entertainment tenants have generated interest from other industries eager to be part of the development.
Staley praised officials with the Sam Moon Group and said the massive development would positively impact neighboring cities.
“That’s a regional draw, much larger than Shenandoah,” Staley said, adding that it would be a “true enhancement to the city and to the region” built on what was once an undeveloped piece of land that offered little to no benefit to the city.
“It comes to show you how strong this region is,” he said. “To see what we already have in place and the growing population. (The MetroPark development) Will truly impact us all, not just the city of Shenandoah but anyone in Montgomery County.” SETBACKS The time line for completion of the MetroPark site, however, has changed from 2020 to 2023.
By then, the site will feature roughly 500,000 square feet of retail and restaurant space, not including entertainment facilities, 200,000-square feet of office space and should be fully operational with a 329-unit high-end housing complex and two limitedservice and one full-service hotel site, Moon said.
The AMC-10 once scheduled to open by the end of 2017 will now open in the summer of 2018, he said.
The MetroPark expansion has “taken a little bit longer than we had hoped,” Moon admitted.
Hurricane Harvey, a new city staff and changes to the city council—not to mention working through the kinks of a $29 million bond associated with creating a public improvement district within the city— has set the target completion date back a few years, he said.
“It’s a learning process, not just for the city but for us, too,” Moon said. “Our attorney is working together with theirs to get through new issues that we are both encountering to make sure that both sides are handling (the division of responsibilities) in the most professional manner possible.”
Shenandoah City Council Member Charlie Bradt said the development was embraced by previous council members and is a positive investment that would benefit taxpayers.
“I agree with their decision to proceed,” Bradt said in an email. “The business and residential investment offered in MetroPark is a win for the both the city of Shenandoah and the Moon Development Corp.”
Fellow City Council Member Byron Bevers said the proposed MetroPark site is a “first-class development” that would continue to provide amenities to the city’s residents, such as free trash collection.
Both Bradt and Bevers are two of the three council members recently elected to the Shenandoah City Council. Mayor Ritch Wheeler did not respond to multiple requests for comment.
METROPARK PUBLIC IMPROVEMENT DISTRICT
In March, the Shenandoah City Council unanimously approved the creation of a MetroPark Public Improvement District that would reportedly expedite the construction timeline.
The creation of the district would also allow the real estate group to design and build all public infrastructure during Phase I of the project, including roads, sewage, drainage and utilities, according to the resolution passed by the city in March of this year. The District would not be managed by an advisory board, according to the resolution.
The authorized improvements, including the bond issuance, would cost an estimated $29 million. The city would not be liable, Moon said.
“The bond is paid back 100 percent by us, not the city,” Moon said. “The city doesn’t pay for any part of the repayment.”
Staley said an improvement district is able to assess and collect sales tax property within the district, which will go back to benefit the city.
“Improvement districts are set up to improve the geographic area and are funded by sales tax generation,” Staley explained. “Those that shop there, yes, they will be paying additional sales tax to the area, but it’s not going to impact the residents at all within that community.”
In the March 22 meeting, the City Council supported the levying of assessments on the property to sufficiently pay the improvements and any costs associated with the bond.
Creating the PID would accelerate the building of the entire development, he said.
“We are now very close to the end,” Moon said referring to discussions with the city. “We should have everything complete here in a (few) months.”
However, Staley said, with more shopping, out of town guests and restaurants aplenty, traffic congestion could be an issue.
“In economic development, we see that as a good thing,” Staley said. “Traffic means we are busy and that we are economically viable. Certainly anyone can see it as bad. We look at it as a very positive influencer on our economy.”