Ventura Sports and the county have released details about the development deal with Wallace Bajjali and the East Montgomery County Improvement District (EMCID) for a new independent-league ballpark in the Houston suburb.
We've reported on this earlier in the month, but here are some more details on the deal between Ventura Sports Group, Wallace Bajjali and the East Montgomery County Improvement District (EMCID) to bring professional baseball to a new multiuse development in Montgomery County, Texas.
The new project will have an independent American Association team playing in a brand-new ballpark with permanent seating of approximately 4,500 seats. The location is on a 42-acre tract of land owned by Wallace Bajjali on I-59 at the exit for the new Grand Parkway.
“This venue will bring a dimension to our area which will benefit our local residents and families with family entertainment at an affordable price," said EMCID President Frank McCrady. "It is a pleasure to work with sophisticated developers which have the experience and vision of bringing our area a family-oriented recreational project."
“The net winner in this partnership will be the citizens of Montgomery County as we deliver affordable family entertainment that touches the entire community," said Mark Schuster, Managing Partner of Ventura Sports Group.
The project is expected to break ground in December 2010, and will be accompanied by a hotel, restaurants, and retail shops. It is anticipated that the first pitch will be thrown in the spring of 2012. “This transaction represents all that is great about a public-private-partnership. The private sector can bring capital, land and operating experience, and the public sector can bring the economic development tools and know-how,” said David Wallace, CEO of Wallace Bajjali.
Montgomery County is located roughly 40 miles north of Houston and is listed as the 36th fastest growing county in the U.S. according to recent Census Bureau estimates. East Montgomery County Improvement District (EMCID) is a political subdivision of the State of Texas responsible for promoting economic and community development in East Montgomery County. EMCID is funded by a 1.5% sales tax on all goods and services purchased within its boundaries. There are 158 square miles within the District which generally follow the boundaries of the New Caney and Splendora School Districts. EMCID is governed by an eight-member, elected board of directors.
Wallace Bajjali Development Partners is a private, real estate investment and consulting firm specializing in a variety of real estate services to investors, developers and institutional owners. More specifically, Wallace Bajjali Development Partners focuses on the development of both commercial land into retail, office, mixed-use and town centers, and residential land into single family communities, student housing, independent living, and assisted living.
Ventura Sports Group is a privately owned, full-service sports & entertainment company that owns, operates and develops minor league baseball stadiums and teams. Their mission is to provide affordable family entertainment that touches the entire community. Currently, Ventura owns and operates two independent league teams, the Grand Prairie AirHogs at QuikTrip Park and the El Paso Diablos at Cohen Stadium.
RELATED STORIES: Ventura Sports, Montgomery County sign MOU for new ballpark
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