BRYAN, Texas (KRHD) — OFL Group, a Bryan-based developer, gained approval November 12 from the Bryan City Council to create a multi-phase, mixed-use destination. The project will redevelop the Downtown North property.
According to the proposal, the project will focus on creating public benefits. The three-phase plan includes dedicated public parking spaces and pedestrian plazas.
Phase I, set to start in 2025, includes construction of a hotel, meeting spaces, and a parking structure at the northern gateway of Downtown Bryan.
The city council agenda listed these terms for the development:
- Construct a flagged hotel with at least 130 rooms, a conference space with at least 12,000 square feet of meeting space, and a parking structure with at least 340 parking spaces in Phase I of the Project (Phase I). Construction for Phase I must begin prior to December 31, 2025. The developer must receive a certificate of occupancy (CO) for all structures in Phase I by December 31, 2027.
- Construct a multi-story mixed use building of at least six (6) stories in height, with at least 40,000 square feet of leasable space, with restaurant and retail space on the first floor, and office, retail, restaurant, and/or residences on the remaining floors and an underground parking structure with 400 spaces (Phase II). Phase II construction must begin prior to January 1, 2028. The developer must receive a CO for Phase II by December 1, 2029.
- Before obtaining a CO for Phase I, convey to the City a non-exclusive easement for the benefit of the public, permitting the use of at least 150 parking spaces in the Phase I parking structure. On or before obtaining a CO for Phase II, convey to the City a non-exclusive easement for the benefit of the public, permitting the use of at least 150 of the underground parking spaces in Phase II.
- Construct a second multi-story, mixed-use building with a minimum height of six (6) stories and at least 60,000 square feet of space. The first floor must feature leasable or purchasable retail, office, or restaurant spaces. The upper floors may include a combination of office, retail, restaurant, or residential units. Additionally, public infrastructure improvements must be provided to meet the needs of the property, including but not limited to publicly accessible green spaces, walkways, irrigation systems, and lighting (Phase III). Phase III construction must begin prior to January 1, 2030, with the developer obtaining a CO for the building by July 1, 2031.
- Phase I of the Project will be appraised by Brazos Central Appraisal District (BCAD) at a taxable value of at least $38,000,000 by tax year 2028 and through the end of the Agreement.
- Phase II of the Project will be appraised by BCAD at a taxable value of at least $48,000,000 by tax year 2030 and through the end of the Agreement.
- Phase III of the Project will be appraised by BCAD at a taxable value of at least $40,000,000 by tax year 2032 and through the end of the Agreement.
- Comply with all recapture provisions should they fail to satisfy the required benchmarks
You can view details of the proposal by clicking here or find out more about the project's timeline by clicking here.