METRO Launches Joint Development of New Park & Ride
October 27, 2005
The METRO Board of Directors today approved initial plans for a new 23-acre
Cypress Park & Ride on U.S. 290 at Skinner Road, along with transit oriented
development - a first for METRO at a Park & Ride facility.
The $31.8 million project, to be developed by NewQuest Properties, calls for
a multi-level parking garage with 1,500 spaces and a "Town Square" area with
28,000 square feet of restaurant space and 92,000 square feet of retail space.
The four story, $17.5 million parking facility will be constructed first, and
will be paid for by METRO.
NewQuest will then construct the Town Square at an estimated cost of $14.3
The new Cypress Park & Ride will help ease overcrowding at METRO's
Northwest Station Park & Ride on 290 near West Road. Also, METRO expects to
realize more than $100,000 per year from its share of the development's
The project is the second announced by the Transit Authority this month. The
first joint development of a transit property will be the $105 million
development of the air space above the Texas Medical Center Transit Center.