CS OKs $7.5M sale of Chimney Hill Shopping Center

COLLEGE STATION – The College Station City Council agreed to sell the Chimney Hill Shopping Center property on University Dr. for $7.5 million to Houston-based PM Realty Group. PMRG plans to turn the property into a mixed-use retail and high-end multifamily development.

PMRG is planning to offer about 150 units aimed at professionals, not students. Dan Leverett, executive vice president and managing director of development with PMRG, said the housing will be attractive to the professionals coming to the area for work at Texas A&M, oil, pharmaceuticals and other developments in the growing area.

There will be four areas of residential development above retail, with one area being five levels. There will be a three-story garage behind the residential component that will not be visible from University Dr.

Though PMRG did not offer the full price that College Station paid for the property in 2008, its $7.5 million offer is higher than the roughly $7 million appraised value of the land.

"It will generate jobs, it will generate additional property tax, it will generate an enormous amount of sales tax and it will cease to be a blight on the City of College Station, so this is a win-win-win," said Councilman James Benham. "So, those who are concerned about the state of their taxes, within 18 months of the assumed closing of this property the citizens of College Station will be made whole on this money."

The first phase of construction is expected to be completed by September 2015, and the second phase will be done by March 2017.

Read more at The Eagle.