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Nov 09 2018

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City approves new retail center, ensures economic development

By DAVID LOPEZ
Special to the News

Agreements between the City and Varco Real Estate were approved during Tuesday’s City Commission Meeting for a new multi-million-dollar, mixed-use commercial development. It was the final step in a 22-month long process that will result in the construction of a resaca-front retail-office-restaurant project scheduled to begin March 2019.
The land for the project is on almost 10 acres fronting Business 77 across from Heavin Resaca Trail and Amphitheater belonging to the San Benito Economic Development Corporation.
“This means great things coming. San Benito will move up, and I think this is the beginning of it all,” said Mayor Ben Gomez. “That property has been stagnant there for a long time and I think it’s about time someone comes in and develops it,” said Gomez.
The waterfront project is estimated to cost between $5 and $7 million in construction alone and will consist of between 40,000 and 50,000 square feet of leasable space to be developed over the next two to three years.“This is great for the City of San Benito,” said City Manager Manuel De La Rosa. “The Varco Real Estate San Benito retail development project is the first we have seen here in quite some time, and it’s been a pleasure to work with the developer and his professional team which has developed similar throughout the Rio Grande Valley,” he said.
Carlos E. Varela, partner of Varco Real Estate, noted in his proposal to the City that based on their most recent projects, he estimates the project will provide 300 full and part-time time jobs, approximately $7 million in improvement value, and $10 million in annual sales.
The project is scheduled to bring in 20 new tenants as well as a number of professional offices, suites, and potentially a new financial services company.

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Permanent link to this article: https://www.sbnewspaper.com/2018/11/09/city-approves-new-retail-center-ensures-economic-development/

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