Balcones Heights to pay $5.4 million for stake in Wonderland mall

The City Council of Balcones Heights, a 1-square-mile bedroom community anchored by Wonderland of the

The City Council of Balcones Heights, a 1-square-mile bedroom community anchored by Wonderland of the Americas, voted to buy ownership in the shopping mall.

The $5.4 million deal gives the Balcones Heights Economic Development Corp. on behalf of the city a 45.72% ownership stake in the shopping center located at Interstate 10 and Loop 410, and paves the way for redevelopment of the 1960s-era property.

Balcones Heights is financing the purchase through North Carolina-based Truist Bank with a closing set for Nov. 18 and the interest rate locked in at no higher than 3.79%. The 20-year loan comes with the prospect of a balloon payment at 10 years.

Balcones Heights council agrees to pay $5.4M for stake in Wonderland mall