Ground Breaking, left to right:
Joel DeSpain, VP, Opus West
Scott Laten, partner, RED Group
Greg Hogan, partner, RED Group
Mayor Allen Owen
Councilmember Barbara Gibson
Bob Graf, Missouri City EDC
Jack Belt, Fort Bend EDC
Robert Wheless, Director of Real Estate, Opus West
25 ACRE COLONIAL LAKES VILLAGE IN MISSOURI CITY BEGINS
Senior Living & Retail Phase Now, Condo Offices in Design Phase
Colonial Lakes Village has begun to take shape in Missouri City on 25 acres. Its 222-unit, active senior living community along with retail space, reportedly already committed for bank and restaurant use, is less than two years from operating. Opus West Corporation and partners RED Group, LLC and Leisure Care, LLC are all part of the $75 million investment, of which $58 million represents the senior living component.
A groundbreaking ceremony on Friday, April 4, 2008, officially signaled the start of the extensive project located on the 2900 block of Colonial Lakes Drive, at the corner of State Highway 6 and Colonial Lakes Drive. The independent senior living facility will sit on a little over 8 acres. To be known as the Reserve at Colonial Lakes, this residential community with bedroom units ranging from 775 sf to 1,356 sf will be available for active seniors 62 years of age and older. On the retail side, five acres with five pad sites will accommodate the restaurants and banks in 20,000 sf of space.
At the groundbreaking of Colonial Lakes Village, Mayor Allen Owen said, “This is the start of what will lend momentum to the construction and development of a first class undertaking that will transform this area and add affluence to Missouri City. Show me affluence, prosperity, and here it is…well underway with Colonial Lakes Village. We are delighted to have so many businesses develop from this partnership’s significant investment to our growing community.”
Aside from the senior facility and the retail development, which is the first phase of Colonial Lakes Village, there will be office condominiums with an estimated 50,000 sf of space. The 3,500 sf condo offices to be available for lease are currently in the design phase. The first phase of development for both the senior living community and for retail is projected to be completed in 16 to 18 months, said Scott Laten of the RED Group, LLC.
Officials with the RED Group have said that the project is a perfect match for Missouri City and greater Fort Bend County. With the amenity-rich development, residents will be able to avail themselves to restaurant-style dining, state-of-the-art fitness and wellness programs, and easy access to shopping in Missouri City and Sugar Land, they report.
Colonial Lakes Village is Opus’ fourth project with Scottsdale, Arizona-based RED Group and Leisure Care. The partnership’s decision for the project in Missouri City, southwest of Houston, is based on location and market demand.
