New multifamily development planned for Montgomery


The Montgomery Town Council accepted a $5,000 escrow agreement with developer 1000 Foster Drove LLC for a new multi loved ones progress near Lone Star Parkway.

Montgomery metropolis policy needs a developer to build an escrow fund with the city to reimburse for city engineering fees, lawful, consulting and administrative service fees.

In accordance to info from the city, 1000 Foster Drove is setting up the development of a 72-unit multifamily residential undertaking on Plez Morgan Travel dubbed Grand Monarch Apartments. The complex will be positioned inside the Buffalo Spring Prepared Advancement.

In an unrelated product, the council authorized the staff to coordinate with Pulte Houses regarding the advancement of a new household advancement off FM 1097. The staff members will move forward with building agreements with Pulte Houses relating to the development, annexation and the consent to build a distinctive goal district.

During a May 24 frequent conference, the council accepted a feasibility study for the development. According to details from the metropolis, Pulte Homes is on the lookout to establish about 80 acres just outside the house the metropolis limits.

The development would include 250 one-household plenty with an believed house price tag of about $380,000. At buildout, the subdivision would have an assessed value of about $82 million which would make about $310,000 in profits for the city every year.

For the duration of that meeting, Metropolis Engineer Tim Roznovsky said the study displays the city would have the ability to serve the growth following the completion of the city’s new water plant presently beneath development. He additional the metropolis would require added sanitary sewer potential to provide all new and proposed developments.

Roznovsky also mentioned, at develop-out of the Pulte growth, the city’s Carry Station No. 10 would exceed ability and would want to be upsized. The cost to do that would be about $350,000. Full effects value connected to the enhancement are $1.3 million, together with the upsizing of the lift station.

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