Real Estate Rumblings
Store with a cult following finally expands to The Woodlands: Lure of new Exxon Mobil campus works
After a rather lengthy wait, big box store Costco is finally coming to The Woodlands. The new store, expected to open in November, will be located on the northeast corner of Highway 242 and Interstate 45.
Gil Staley, CEO of The Woodlands Area Economic Development Partnership, tells Community Impact Newspaper that construction on the 153,000 square foot facility will start "very soon."
The Woodlands store will be the sixth Houston-area Costco location. To entice Costco into opening a store, The Woodlands Township approved a $2.3 million sales tax grant, township president Don Norrell says.
This isn't the first time a tax break has incentivized Costco to build a store in the region.
"This is sales tax the township would not otherwise receive if this project was constructed outside of the township boundaries," Norrell tells CIN.
This isn't the first time a tax break has incentivized Costco to build a store in the region. In 2013, the City of Houston provided tax rebates of up to $1 million for the Costco in Katy's infrastructure expenses. The new 152,000 square foot Coscto store opened in Katy on Feb. 6.
Costco is expected to complete the land acquisition from The Woodlands Development Company in April or May and construction is to begin shortly after.
While the opening of a Woodlands Costco has been speculated for several years, the deal has only been seriously discussed for about a year. This comes as no surprise with the new Exxon Mobil corporate campus being constructed in the area. The new campus, located at Interstate 45 and the Hardy Toll Road, will house 10,000 employees when completed and has had a profound effect on The Woodlands, recently found to be the fastest growing city in the state.
Costco, a membership-based warehouse store with some cult-like devotees, sells a multitude of items including appliances, furniture, grocery items, electronics and home goods.
