It's full steam ahead at Metro's Real Estate Development Dept.

Last week I wondered what about a development project mentioned in a Metro board meeting agenda:

Request Board authorization for the President & CEO to negotiate, execute and deliver agreements relating to a transit oriented joint development project at the Cypress Park & Ride facility.

Here's the Metro press release with details:

The METRO Board of Directors today approved initial plans for a new 23-acre Cypress Park & Ride on U.S. 290 at Skinner Road, along with transit oriented development - a first for METRO at a Park & Ride facility.

The $31.8 million project, to be developed by NewQuest Properties, calls for a multi-level parking garage with 1,500 spaces and a "Town Square" area with 28,000 square feet of restaurant space and 92,000 square feet of retail space.

The four story, $17.5 million parking facility will be constructed first, and will be paid for by METRO.

NewQuest will then construct the Town Square at an estimated cost of $14.3 million.

The new Cypress Park & Ride will help ease overcrowding at METRO's Northwest Station Park & Ride on 290 near West Road. Also, METRO expects to realize more than $100,000 per year from its share of the development's income.

The project is the second announced by the Transit Authority this month. The first joint development of a transit property will be the $105 million development of the air space above the Texas Medical Center Transit Center.

Oh dear.

Do you think this Park and Ride will have any real security presence, or will non-operational cameras be used?

Posted by Anne Linehan @ 10/30/05 09:02 AM | Houston Transit | Technorati | Sphere | Comments (4)

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