Improving Property Values and ROI
Those considering buying, developing, or redeveloping property in the Westchase District should consult our Long-Range Plan.
Learn how you can tie into it and take advantage of six public-realm concepts. They will increase the value of your property, improve the returns on your investment, give you more flexibility, and attract more people to the area.
They will also ensure that Westchase remains the commercial and cultural heart of West Houston for generations to come.
The Plan resulted from a collaborative effort between area property owners, tenants, public agencies and a host of other stakeholders. It envisions how the Westchase District can look and operate two decades from now. The Westchase District Long-Range Plan is compelling and highly ambitious, but also very achievable, taking into account market forces, owner goals and the regulatory environment.
The first part of the plan has already been implemented. We have developed a three-part trail system that connects Westchase District to the Brays Bayou trail system and Art Storey Park south of Bellaire.
By working with local businesses and government agencies, Westchase District can continue to grow and develop with unlimited potential. The Long Range Plan is the embodiment of this desire and serves as a community guide and benchmark for future growth.
Call 713-780-9434 to obtain a printed copy of the 56-page plan. You can also download a condensed version.
Funding for the Long Range Plan
Westchase District has a “380 Agreement” with the City of Houston which will bring tens of millions of dollars to the District to fund elements of the plan.
Named after the chapter number of the Texas Local Government Code, the agreement provides Westchase District with funds to construct City-approved infrastructure projects over the next 10 years. The agreement with the City will help stimulate redevelopment of older properties, create new public amenities and significantly improve the local quality of life.
Starting in 2014, two-thirds of the revenue from property tax growth collected in the Westchase 380 Area – a region including most of Westchase District and two sections just outside District boundaries – will be available to construct public projects including roads, parks, trails and drainage improvements in the area.
Based on the City’s projections, the Westchase Area 380 agreement could provide $50 million during the next decade. Agreement funds must be used for infrastructure projects and cannot be given as cash incentives to developers. Westchase District will review and recommend projects for city approval.
This money keeps us competitive with other Houston-area management districts designated as tax increment reinvestment zones. Economic development is increasingly competitive. Having a solution to funding public infrastructure is critical to securing the long-term commitments of lenders, developers, companies, and residents. The phasing and scope of projects on the Westchase District’s wish list will be determined by the market and by developer participation.