CORPUS CHRISTI, Texas — The Tax Increment Reinvestment Zone #6 (TIRZ) board has approved a preliminary financing plan for the long-awaited Barisi Village development, but still awaits a city council vote. Construction has remained on hold due to financial market conditions.
The European-style village planned for the former Pharaoh Valley Golf Course site is expected to have a value between $800 million and $1 billion upon completion, according to city officals.
The 127-acre development will include over 1,300 multifamily units, 250 homes, a 120-room hotel, retail space and more. The City of Corpus Christi, Nueces County, and Del Mar College will contribute $52 million in tax revenue to reimburse public infrastructure costs.
District 4 Councilwoman Kaylynn Paxson expressed support for the project, noting community involvement in the planning process.
"We're fortunate enough that several members that are familiar with this or are actually actually from that area get to be a part of this meeting and get to be a part of this group and so we will get that support carried through," Paxson said.
Despite the board's approval, developer Jeff Blackard told KRIS6 News the project can't move forward just yet due to current market conditions, explaining why there's been little progress since TIRZ #6 became official in October 2024.
"We're waiting for waits to lower a little bit. Vacancy is high in corpus. The rental rates have lowered. As soon as the market gets to a point where we can get financed, then we'll move forward," Blackard said.
The project is planned for completion in five phases over 10 years, but Blackard couldn't provide a new start date for construction.
"I know that's the one question you want to ask me. We don't know. We're probably around 50 percent done with all the drawings. The minute we're able to get financing in this market, we'll move forward," Blackard said.
The TIRZ timeline is already counting down, meaning delays in construction reduce the time developers have to receive infrastructure reimbursements. The plan now heads to City Council for final approval.
Currently, there's no scheduled date for the next TIRZ #6 board meeting.
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