Forman Capital has provided a $37.1 million construction loan for The Oaks of District West, a planned open-air retail, restaurant, and entertainment center in Richmond, Texas, about 30 miles southwest of Houston. The project is being developed by Ferguson Family Partners, led by Bobby and Corey Ferguson.
The development will be located on approximately 10 acres at 21711 FM 1093, near the Westpark Tollway in a growing residential area. Construction is scheduled to begin in the first quarter of 2026 with completion expected in the third quarter of 2027.
The Oaks of District West is designed as a walkable suburban town center rather than a traditional strip mall. Plans include about 87,244 square feet of rentable space across ten buildings and more than fifteen tenant spaces. A central green area will serve as a community gathering spot.
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 reflects current lender expectations for speculative retail projects. White House Global Properties, based in Houston, is marketing the property.
The tenant mix focuses on experiential offerings and food-and-beverage businesses. 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 concept.
Scott Mehlman, chief investment officer and partner at Forman Capital, said: “The deal hinges on a simple supply and demand imbalance.” He explained that while homebuilding has been steady in Richmond and Fort Bend County for years, new retail developments have not kept pace—especially those featuring modern design and upscale dining options.
Mehlman originated the loan along with Brett Forman and Ben Jacobson. Bobby Ferguson noted that both parties worked through several issues to close the deal and credited Forman Capital’s flexibility during negotiations.
The Oaks will be part of Parkway Lakes—a master-planned community covering 1,300 acres south of Cinco Ranch in Richmond. It will be adjacent to other local attractions including Kelsey-Seybold Clinic, Whiskey River country dance hall, and Star Cinema Grill theater.
