METRO has signed an historic joint agreement with NewQuest Properties for the construction and development of the Cypress Park & Ride transit facility, located along heavily congested U.S. 290 at Skinner Road.

Initial construction on the long-needed Park & Ride is scheduled to start this week.

"This is new ground for us, but it's solid ground" said METRO Board Chairman David Wolff. "It poses no financial risk for METRO, only a potential source of revenue."

The $16.3 million agreement calls for Houston-based NewQuest to construct the Park & Ride facility, including a 1500-space, four-level parking garage, exclusive bus service road and platform and loading areas. Construction of the first phase is scheduled for completion in the summer of 2007.

In the second phase, NewQuest will develop a 75,000-square-foot commercial/retail center and 300-unit apartment complex on 11 acres leased to it by METRO. As part of the leasing agreement, METRO will receive the greater of $50,000 per year or 25 percent share in the net profit from the development.

"By linking a Park & Ride with residential units and commercial/retail development, you integrate mass transit with everyday life," Wolff said. 

With the completion of the Cypress Park & Ride, METRO will have 27 Park & Ride lots, with more than 32,000 parking spaces. Cypress is expected to help ease overcrowding at METRO's Northwest Station Park & Ride and serve rapidly growing residential neighborhoods in the northwest part of Harris County. 

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