Developer presents a scaled-back Pecan District plan, asks Tourist Board to consider $5M for Festival Street upgrades

Presidium representatives presented a revised, lower-density initial phase for the 45-acre Pecan District and asked the Tourist Board to consider possible TIRS support to help bridge a financing gap.

Sid Galindo (Presidium) framed the update as an effort to preserve the original public-realm vision while adapting to post-COVID financing realities. Kenley Reed (master planning) and Harrison Petrovich (finance) described an initial phase emphasizing single-story retail facing a Festival Street (a curbless, pedestrian-first shared street), surface parking as a temporary solution, and phased multifamily residential rather than office above retail.

Petrovich said the team has identified about $20,000,000 of infrastructure for the next phase—roughly $15,000,000 for backbone streets/utilities and $5,000,000 for Festival Street streetscape and hardscape. "Our ask to the TIRS is kind of just to work with you guys to identify ways that we could work on bond issuance or in advance of funds to help us fund that upgrade to Festival Street here," he said. Team members said the revised plan will produce less immediate tax base than the original office-forward concept, but is more likely to be financeable in today's market.

City staff reminded the board that the developer has not yet submitted a formal TIRS amendment and that any funding would require an amended PUD (rezoning) and public-review process. Staff said it will provide financial analysis and a recommendation if and when the amendment is submitted.

Developers and staff agreed to continue coordination; no formal funding commitment was made at the meeting.