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A new economic catalyst is on the horizon, according to City Council, after unanimously approving the creation of the Rivers Market Place Municipal Management District Feb. 18.
The 60-acre retail site on U.S. 290 is set to become a commercial hub, contingent on a development agreement with the project’s developer, city officials said.
“The project will generate significant economic benefits. We’re seeing more use of the MMD as a way to accelerate the construction of public infrastructure without putting a burden on the city,” said Rick Rosenberg with DPFG, the development group assisting with the initiative.
The district’s approval will not directly affect the city, according to the council. Instead, it provides a framework for new infrastructure, including a potential three-star hotel, 388 square feet of retail space, 244 square feet for other uses and open space for parking.
With an assessed buildout value of about $120 million, the project is projected to generate nearly $600,000 in annual ad valorem revenue for the city and approximately $2.2 million for other taxing jurisdictions, according to the council.
City officials stressed that the council’s role is limited to consenting to the district’s creation.
“We’re excited about the opportunity here,” Rosenberg added, “I think it’s going to be a great asset for us, something that we really need in the community — and these guys are great to work with.”
Next steps for the proposed district, which falls within city limits and is already zoned, include adopting a resolution to support the development and finalizing negotiations for an economic development agreement.
Should the development agreement fall through, the MMD will not move forward, according to the council.
If everything proceeds as planned, residents could start shopping at the new venue by late 2026, officials said.
