The Grand Texas development in North Caney, Texas, north of Houston, has secured USDA Rural Development Business & Industry loans totaling $20 million.
The loans will be used to develop Big Rivers Waterpark, Gator Bayou Adventure Park and Trio Parking, according to a press release. The loans were completed by North Avenue Capital (NAC), a specialized commercial lender
“The area north of Houston is ripe for growth and Grand Texas is leading the charge,” said Alex Louis, managing partner at NAC.
He added that USDA’s support of the projects has been unwavering.
“The new parks will create more than 300 full-time and part-time jobs in this community,” said Louis.
Led by CEO Monty Galland, Grand Texas has been in development since 2014 with Grand Texas RV Park and Speedsportz Racing Park already in operation. The waterpark and adventure park, along with plentiful parking for anticipated venue guests, will be central to a master plan of outlet shopping, overnight accommodations and various restaurants, among others, according to the release.
“Adding Big Rivers and Gator Bayou to the existing Speedsportz Racing Park and Grand Texas RV Resort will make Grand Texas one of the most exciting destinations in Houston,” said Galland.
Big Rivers received a $10 million loan, while Gator Bayou and Trio Parking each received a $5 million loan. Construction is underway and Galland is planning to open the parks this summer.