Forman Capital has secured a $37.1 million construction loan for The Oaks of District West, a planned open-air retail, restaurant, and entertainment development in Richmond, Texas, about 30 miles southwest of downtown Houston. The project is being developed by Ferguson Family Partners, led by Bobby and Corey Ferguson.
The development will occupy approximately 10 acres at 21711 FM 1093, adjacent to the Westpark Tollway in a rapidly growing residential area. Construction is scheduled to begin in the first quarter of 2026 and is expected to be completed by the third quarter of 2027.
The Oaks of District West is designed as a walkable suburban town center rather than a traditional strip mall. It will offer about 87,244 square feet of rentable space across ten buildings and feature a central green intended as a community gathering place. More than fifteen tenant spaces are planned for the site.
According to Forman Capital’s press release, roughly 70 percent of the center’s space has already been pre-leased. This level of pre-leasing aligns with lender requirements for speculative retail projects. White House Global Properties, based in Houston, is handling marketing for the property.
Forman Capital stated that the tenant mix will focus on experiential concepts and food-and-beverage options. Signed leases include Grazia Italian Kitchen, Luckie’s Burger, Pacific Coast Tacos, a virtual golf bar, Pecan Jack’s Ice Cream, and Picklr—an indoor pickleball facility.
Scott Mehlman, chief investment officer and partner at Forman Capital who originated the loan along with Brett Forman and Ben Jacobson, said: “The deal hinges on a simple supply and demand imbalance.” He added that Richmond and surrounding Fort Bend County have seen steady homebuilding over several years while new retail projects—especially those offering modern design and upscale dining—have not kept pace.
Bobby Ferguson noted that both parties worked through multiple issues to finalize the financing agreement. He cited Forman Capital’s flexibility during negotiations.
The Oaks will be part of Parkway Lakes—a master-planned community covering 1,300 acres south of Houston’s Cinco Ranch area in Richmond. Nearby businesses include Kelsey-Seybold Clinic, Whiskey River country dance hall, and Star Cinema Grill theater.
