25 ACRE COLONIAL
LAKES VILLAGE IN MISSOURI CITY BEGINS
Senior Living & Retail
Phase Now, Condo Offices in Design Phase
Colonial Lakes Village has begun to take shape in Missouri City on 25
acres. Its 222-unit, active senior living community along with retail space,
reportedly already committed for bank and restaurant use, is less than two years
from operating. Opus West Corporation and partners RED Group, LLC and Leisure
Care, LLC are all part of the $75 million investment, of which $58 million
represents the senior living component.
A groundbreaking ceremony on Friday,
April 4, 2008, officially signaled the start of the extensive project
located on the 2900 block of Colonial Lakes Drive, at the corner of
State Highway 6 and Colonial Lakes Drive. The independent senior living
facility will sit on a little over 8 acres. To be known as the Reserve
at Colonial Lakes, this residential community with bedroom units
ranging from 775 sf to 1,356 sf will be available for active seniors 62
years of age and older. On the retail side, five acres with five pad
sites will accommodate the restaurants and banks in 20,000 sf of space.
Colonial Lakes Drive is between Dulles/Austin Parkway and Riverstone on
Highway 6 and across the street from the new Goodwill Store that
located into the former Walgreen's location.
At the
groundbreaking of Colonial Lakes Village, Mayor Allen Owen said, “This is the
start of what will lend momentum to the construction and development of a first
class undertaking that will transform this area and add affluence to Missouri
City. Show me affluence, prosperity, and here it is…well underway with Colonial
Lakes Village. We are delighted to have so many businesses develop from this
partnership’s significant investment to our growing community.”
Aside from the
senior facility and the retail development, which is the first phase of Colonial
Lakes Village, there will be office condominiums with an estimated 50,000 sf of
space. The 3,500 sf condo offices to be available for lease are currently in the
design phase. The first phase of development for both the senior living
community and for retail is projected to be completed in 16 to 18 months, said
Scott Laten of the RED Group, LLC. |
|
Officials with
the RED Group have said that the project is a perfect match for Missouri City
and greater Fort Bend County. With the amenity-rich development, residents will
be able to avail themselves to restaurant-style dining, state-of-the-art fitness
and wellness programs, and easy access to shopping in Missouri City and Sugar
Land, they report.
Colonial Lakes
Village is Opus' fourth project with Scottsdale, Arizona-based RED Group and
Leisure Care. The partnership’s decision for the project in Missouri City,
southwest of Houston, is based on location and market demand. |
