CORPUS CHRISTI — The development company interested in buying and renovating Padre Staples Mall has filed a formal application for tax incentives.
The application doesn’t clearly state how much in incentives they are requesting.
According to the application, Trademark Property Company would add a two-story cinema, a 250-room hotel, a four-level parking garage and more retail stores. That would mean an extra 242,620 square feet for the mall, which now covers 1,020,954 square feet.
The application asks for a tax increment finance zone and a tax revenue split.
Assistant City Manager Oscar Martinez said on July 9th the city received the $5,000 application fee and application June 29 and is reviewing the application to see whether it conforms to the new policy for incentives to retail development. He said the city’s next steps include approving the application and recommending council action, asking Trademark for more information or denying the application.
Trademark Property Company founded in 1992, based in Fort Worth, Texas.
Trademark has done over 4.5 million square feet of retail and mixed-use development/re-development.
By Beth Wilson, Corpus Christi Caller Times
