Texas Border Business
Starr County, TEXAS — On November 4, St, Ives Realty and Rio Grande Village, LLC, a Dallas based group of national developers held a groundbreaking ceremony for the new Rio Grande Village mixed-use retail site. Local, federal and state officials gathered to celebrate the beginning of construction for the long-awaited and sought after project.
“Rio Grande Village will transform our region for generations to come; it is a game-changer. This historic development in beautiful Rio Grande City will provide tremendous opportunities to many individuals by providing hundreds of jobs and simultaneously increasing our tax base to the tune of hundreds of millions of dollars,” said Rio Grande City Mayor Joel Villarreal.
This historic undertaking began its strategic development planning over seven years ago but is expected to move forward swiftly. Aside from creating hundreds of jobs the project is also anticipated to infuse millions of dollars of new sales and ad valorem tax into the community. Phase I of the project has broken ground with the expected construction of storefronts to begin in late spring 2020.
“This project is a result of years of extensive negotiations and productive collaboration that was made possible with the support and partnership of the City of Rio Grande City, RGCEDC and the County of Starr, the impact will revolutionize our landscape and expand the development opportunities in our community. We have seen a glimpse of the future and it leads to Starr County,” said Rose Benavidez, president of the SCIF
The group will master develop the mixed-use property to include retail, commercial, national restaurant chains, lodging, office space, and industrial facilities, among other potential prospects.
Vital Pre-Development Stages:
Construction of realignment of FM 755 had to be finalized and operational
Secure FEMA approval of CLOMR to remove site from Flood Zone
Federal Agency Support:
US Economic Development Administration Matching Grant to RGC/RGCEDC for 1.2 MIL to assist with a site development infrastructure.
Total Project Investment:
Completion of all phases will result in $50MIL-$70MIL of direct investment.
Creation of Jobs:
Approximately 500-700 jobs to be created with nearly $10MIL of new Annual Salaries.
Direct project impact will generate an estimated $1.4MIL in ad valorem taxes and over $1.1MIL of sales tax annually when completed in its entirety.