The Chron’s Nancy Sarnoff has an update on the site where Astroworld used to be and the development group that bought it out.
Angel/McIver Interests is seeking the creation of a municipal management district for the site.
The special district would help finance infrastructure, such as roads and drainage systems, as well as parking facilities, landscaping and security, according to Robert Randolph, an attorney working with the Conroe-based company that bought the acreage last summer.
The investment group is planning a mixed-use transit-oriented development for the former theme park land. It would include high-density residential units, offices, shops and a hotel.
The management district would sell bonds to build the facilities, as well as collect taxes, user fees, parking revenues and potentially levy special assessments on property owners to pay for the bonds.
Part of the plan includes a proposal to reroute the light rail line through the property.
A Metro spokeswoman said the Metropolitan Transit Authority has requested a proposal from Angel/McIver, but it has not yet received it.
I was a little puzzled by the proposal to “reroute” the light rail line – does this mean actually moving the existing tracks from where they are now, or is it a proposal to extend the route over to the new development along new tracks? I sent an email to Sarnoff yesterday to ask her that, but have not yet heard back. I’ll post her response when I get it.
Regardless, I note that the existence of the light rail line has previously been cited as a catalyst for residential development south of Loop 610. Looks like this is further evidence of that.
UPDATE: I received a reply from Nancy Sarnoff this morning, and she said the light rail proposal is an extension, not a move. She’s looking into the details and says she will write an update when she has them.