Forman Capital has provided a $37.1 million construction loan for The Oaks of District West, a new retail, restaurant, and entertainment development planned 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 be located on approximately 10 acres at 21711 FM 1093, adjacent to the Westpark Tollway in an area experiencing significant residential growth. Construction is expected to begin in the first quarter of 2026 with completion projected for 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 feature about 87,244 square feet of rentable space across ten buildings and include a central green intended as a community gathering area. More than fifteen tenant spaces are planned for the project.
According to Forman Capital’s press release, around 70 percent of the center’s space has already been pre-leased. This level of pre-leasing reflects lender requirements for speculative retail projects. Houston-based White House Global Properties is handling marketing for the property.
The mix of tenants leans toward experiential offerings and food-and-beverage concepts. 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, said: “The deal hinges on a simple supply and demand imbalance.” He explained that while homebuilding in Richmond and surrounding Fort Bend County has grown steadily over several years, new retail developments have not kept pace—especially those featuring modern design and upscale dining options.
Mehlman originated the loan alongside Brett Forman and Ben Jacobson. Bobby Ferguson noted that both parties worked through multiple issues to finalize the agreement and highlighted 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—and will be situated near other local businesses such as Kelsey-Seybold Clinic, Whiskey River country dance hall, and Star Cinema Grill theater.
