College Station Chimney Hill sold for $7.5MCollege Station Chimney Hill sold for $7.5Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=25882014-11-05T10:40:00Z2014-11-04T06:35:00Z

COLLEGE STATION - College Station officials closed on the $7.5 million sale of Chimney Hill to Houston-based developer PM Realty Group (PMRG). Chimney Hill is located on University Dr.

By 2017, the site will contain 130 multifamily apartments, a 120-room boutique hotel, The Republic and Black Walnut restaurants and retail stores.

The site, whose only current occupants are the Republic Restaurant and DaVita Dialysis, has never been a full or vibrant area, said City Manager Kelly Templin.

For Doug Demiano, senior vice president of development and acquisitions with PMRG, the project is about a connection to the community.

"We've always wanted to do something in College Station that could be a fun sense of place for the community," Demiano said.

"We want people to be able to walk and have that sense of community, to really entice people into wanting to stay — park, go have lunch, go shop some more and maybe stay for dinner."

PMRG has done similar developments in The Woodlands, and Demiano and Dan Leverett, executive vice president and managing director of development with PMRG, are both Aggies who wanted to help develop their college town.

Chimney Hill will sell for $2.1 million less than the city bought it for in 2008. PMRG has agreed to generate $220,000 in sales tax revenues, $170,000 in property tax value and employ 200 full-time, part-time, seasonal or temporary positions.

The Eagle
College Station-Bryan
http://www.theeagle.com/news/local/city-of-college-station-completes-sale-of-chimney-hill-to/article_16789ed2-8cdb-5623-b45d-598c78f9e703.htmlRead more at {Source}

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