The City of Houston approved a tax abatement agreement with TPMS DA 3 LLC and TPMS DA 4 LLC for a mixed-use center. The project will feature 90,000 square feet of retail, restaurant, and office space, incorporating green stormwater infrastructure such as bioswales, permeable pavement, and urban forestry. With an estimated $25 million investment, the development will generate $90 million in taxable value. The agreement includes a 100% GSI abatement and a 90% demolition abatement of City ad valorem taxes over a 10-year period, projected to save the developer $5.4 million.
The agreement supports sustainable urban development and incentivizes significant investment in Houston's infrastructure and commercial property sector.