At an Oct. 20 meeting, Fulshear City Council considered a presentation from 1093 FTS LLC on a massive downtown redevelopment plan dubbed the Fulshear Town Square project. Mayor Don McCoy placed the item on the agenda after the developer outlined two separate components: the Town Square along FM 1093 and the Fulshear Village Luxury Lofts between Wallis and Main Streets.
Project scope and promised benefits
Joe Veytia, a representative of 1093 FTS LLC, said the proposal aims to create a vibrant downtown district that will attract quality employers and visitors, support local businesses and provide amenities that the city currently lacks. The mixed‑use development could feature apartments, a hotel, a sports complex, restaurants, retail space, a convention center, parking facilities and office space.
Veytia emphasized that the projects would transform properties that now generate minimal tax revenue into developments projected to generate “millions of dollars in annual economic activity” and roughly $500,000 in annual tax revenue for the city.
Financing structure
The developer says the plan will not raise property taxes for existing residents. Instead, 1093 FTS LLC proposes using Fulshear’s existing municipal management district (MMD) to impose a self‑levied tax of $1.41 per $100 of assessed value within the district. The revenue would fund public improvements such as streets, utilities and infrastructure.
Veytia also suggested that the MMD could create a city‑owned corporation, shielding the city from any credit risk associated with the complex. The developer is offering an absolute net lease, meaning the city would not be responsible for insurance, maintenance or operating expenses. A 30‑year agreement for the self‑imposed tax would allow the city to begin receiving tax revenue once the improvements are paid back.
Additional developer requests
Beyond the tax arrangement, 1093 FTS LLC is asking the city to purchase two properties near FM 359 at their appraised values, to enter into a Chapter 380 agreement, and to grant tax‑exempt status for the public improvements during construction.
Council reaction
Mayor McCoy noted that no decision would be made at the meeting but stressed the importance of reviewing such opportunities given the city’s rapid growth. “As fast as we are growing in our city, we’d be remiss in looking at certain opportunities that might be presented for us,” he said.
Mayor Pro Tem Sarah Johnson instructed staff to conduct a thorough review of the development’s financials, economics, plans and engineering before making any recommendation. Johnson also requested occupancy data for hotels, apartments and sports complexes in the surrounding area.
Council member Kimberly Bow raised concerns about the “fundamental questions of how” the project would move forward, noting that there are “more questions than answers” at this stage.
Next steps
No action was taken during the Oct. 20 meeting. Johnson indicated the item will return to the agenda once city staff have completed their analysis and are ready to provide recommendations on how to proceed.
The proposal represents a significant private‑sector investment that could reshape Fulshear’s downtown core, create jobs and expand the city’s tax base while preserving the current property‑tax burden for residents.
Original reporting: Community Impact — Houston — read the source article.
