Tharaldson Revives Multibillion-Dollar Presidio Manvel Development in Houston Suburb

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2▲2 ▼0Impact / 5
Summary · why it matters

Tharaldson Investments is planning a multibillion-dollar retail development anchored by a University of Texas MD Anderson Cancer Center campus in Manvel, a Houston suburb. The Fargo, North Dakota-based hospitality developer owns 393 acres at the northeast corner of state Hwy 6 and Hwy 288, land it has held since 2006, and the proposed project, called Presidio Manvel, could include 1 million square feet of retail and restaurant space alongside a 50-acre, $931 million MD Anderson campus. Dallas-based United Commercial Development is partnered with Tharaldson on the site, and the developer has already locked in several food and beverage and fitness tenants, highlighted by Target and Kroger. The Manvel City Council postponed a vote on a second reading of the plan, citing discrepancies between the public utility district and the development agreement as well as water capacity concerns, and Tharaldson and United Commercial have already revised the plans to drop a 50-acre residential section in favor of stormwater retention infrastructure. Manvel approved a planned unit development for the site in 2007, but the 2008 recession and later pandemic delays shelved the project until the developers restarted it with the city and updated the 2007 PUD about a year and a half ago; they now plan to build in a single phase at breakneck pace, with infrastructure work expected to take six to eight months, retailers expected to open in 2028, and MD Anderson building its anchoring cancer center across two phases.

Impact on assets 2

Consumer Staples▲
Kroger Company
KR
▲ PositiveDemandrelevance

Kroger is locked in as a food and beverage anchor tenant for the Presidio Manvel retail development, securing new store space.

Target Corporation
TGT
▲ PositiveDemandrelevance

Target is locked in as a retail anchor tenant for the Presidio Manvel development, gaining a new store location.

Off-coverage companies 2

Tharaldson Investmentsi
Private± Mixedrelevance

United Commercial Developmenti
Private± Mixedrelevance