SUGAR LAND, Texas – The 53-acre Lake Pointe Plaza, one of a handful of prime development sites remaining in the City of Sugar Land, is being acquired by Planned Community Developers for a significant mixed-use project.
Located near the intersection of Highway 59 Highway 6 on the southwest side of Houston, the important site will be developed by a seasoned real estate firm, Planned Community Developers which was involved in building Sugar Land’s 10,000-acre First Colony and the 1.4 million-SF Sugar Land Town Square.
“The evolution of Lake Pointe Plaza holds immense promise for Sugar Land, and we are excited to usher in a new era of development for Planned Community Developers that reflects our legacy and commitment to the community to deliver meaningful, engaging and transformative destinations,” said Don Janssen, President of PCD.
Kayaks, Paddle Boards and a Wharf Dining Experience
The Gensler architecture firm worked with PCD to articulate the new master plan for Lake Pointe Plaza in a way that integrates by the site’s extensive waterfront. Prominent elements encompass an interactive wharf dining experience with piers and bridges extending into Brooks Lake, novel high-density residential offerings, diverse entertainment venues, and streets lined with mature trees.
The developer’s vision calls for a fully activated the water front with on-the-lake experiences including kayaking, paddle boards and water cycles.
Building on this success, Lake Pointe Plaza’s plan is targeting high-density middle-market housing, luxury residential units for sale and lease, Class A boutique office space, medical and life sciences facilities, a 4-star hotel with conference center and exhibition hall, waterfront retail, restaurants and entertainment venues.
The plan for Lake Pointe Plaza is to continue the successful mixed-use development scheme implemented by PCD in the surrounding 190-acre Lake Pointe Town Center project, currently valued at approximately $650 million.
The Dwindling Supply of Land in Sugar Land
With only 4 percent of vacant land left to develop, the City of Sugar Land has begun prioritizing redevelopment and reinvestment strategies in the city’s plans for the future.
The Fluor site at Lake Pointe has been identified by the city as an opportunity for redevelopment, and the site is one of the city’s two main redevelopment priorities.
The departure of Fluor is a setback for Sugar Land, the key municipality in Fort Bend County. Earlier this year it was announced that Fluor Daniel planned to move 1,300 employees from the 1 Fluor Daniel Drive building in Sugar Land to the Three Eldridge Building in the Energy Corridor in West Houston where Fluor leased 308,000 SF of office space.
PCD said construction of Lake Pointe Plaza is projected to start in the third quarter of 2024.
The development is expected to be aided with the creation of a public/private partnership through the use of a Tax Increment Reinvestment Zone. A TIRZ directs a portion of property taxes to funding public improvements and infrastructure.
“We have focused our time and energy in Sugar Land and Fort Bend County and are proud of the legacy developments we have created. We intend to apply our experience, working closely with the City of Sugar Land and all stakeholders, to create another memorable, community-centered destination of timeless quality,” said Janssen.
Aug. 21, 2023 Realty News Report Copyright 2023
image: Courtesy Planned Community Developers. Master plan Gensler
File: Fort Bend County Major Development Planned in Sugar Land
THE RALPH BIVINS PROJECT PODCAST
LISTEN: THE RALPH BIVINS PROJECT podcast with Edward Griffin of Griffin Partners
LISTEN: THE RALPH BIVINS PROJECT podcast with Bill Odle of TBG Partners
LISTEN: THE RALPH BIVINS PROJECT podcast with Rusty Tamlyn of JLL Capital Markets
LISTEN: THE RALPH BIVINS PROJECT podcast with Carlos Bujosa of Transwestern
LISTEN: THE RALPH BIVINS PROJECT podcast with Mike Spears of Lee & Associates Houston