Fulshear Lakes Ltd. sold 24.87 acres to XAG Group, a Richmond-based commercial real estate developer, for a new mixed-use development. Located on the corner of Fulshear School Road and FM 1093, the development is estimated to have a property valuation at $125 million when completed, according to a news release.
The details
Phase 1 of the development is set to break ground by the first quarter of 2025 and conclude in the fourth quarter of 2025, XAG Group CEO Nathaliah Naipaul said in an email.
The 6-acre phase will include 45,000 square feet of restaurants, banks, school facilities, service-oriented businesses and a connection to the community’s trail system to allow residents to walk to the retail center, according to the release. Phase 2 will add more mixed-use space to 12.5 acres.
Digging deeper
Upon completion, the center will feature about 20-25 tenants, Naipaul said. So far, the development company is in the final stages of negotiations with a medical facility, a restaurant group and a yoga center to join the center.
“XAG is carefully curating a diverse mix of tenants to appeal to all demographics in Fulshear, with the goal of enhancing services for the entire community,” she said.
What else
The commercial development will be part of the almost 558-acre Fulshear Lakes community. Developer Sam Yager Inc., or SYI, aims for Fulshear Lakes to have approximately 1,400 single homes at build-out, according to the release.
“Not only is the XAG Group anticipated to help meet the surging demand for more retail, commercial and services in this rapidly growing area, but XAG should answer the need for a mixed-use development rooted in the curated Fulshear Lakes architectural style,” said Sam Yager III, president of SYI and vice president of Fulshear Lakes, in the release.
What’s next
Including XAG Group’s land, roughly 48 acres are reserved in Fulshear Lakes for mixed-use development, according to the release.
