Satya, a Houston-based commercial real estate consulting firm, has announced the development will be located in a qualified opportunity zone at the corner of Hwy. 36 and Hwy. 59. Construction will begin summer 2022 and is slated for completion in Q4 of 2023, according to the Dec. 13 announcement.
The four-story Fairgrounds Apartments complex will offer 312 apartments for rent in one-bedroom, two-bedroom, and three-bedroom layouts ranging from 670 to 1,500 square feet, according to the announcement. The complex, which will be located on 15 acres, will offer residential amenities including a beer garden courtyard with picnic tables and barbecue pits, a pool and clubhouse, a golf simulator, a fitness center and yoga studio, a jogging trail, a children’s playground, a dog park with a wash station, and covered and open parking.
The remaining acreage will consist of retail options, including Starbucks, Harbor Freight, Whataburger, Autozone and Arby’s, with more concepts to announce as the project develops, according to the announcement.
The development will also be located close to Fort Bend County’s $120 million The EpiCenter, a 195,000-square-feet multiuse facility that, when constructed, is designed to host sporting events and tournaments as well as graduations and can be utilized as an emergency shelter in the event of a natural disaster.
“With The EpiCenter event and convention center opening later next year, we see a need for a mixed-use development of this caliber for the city,” Satya CEO Sunny Bathija said in the announcement. “We look forward to announcing additional retail and restaurant openings soon.”