The Sugar Land 4B Corp., a nonprofit holding corporation established by the city of Sugar Land to promote and assist in economic development, agreed unanimously to purchase 6.88 acres of land near Constellation Field for $3.6 million March 29.
“This purchase would enable the city to control the land around our asset, [Constellation Field],” said Devon Rodriguez, Sugar Land's director of economic development. “We felt it is very important that we control this property.”
The parcel of land in question is directly adjacent to Constellation Field and is used as a supplementary parking lot around the Space Cowboys home field. The city also enjoys a lease agreement with the Space Cowboys, which pay a base rent as well as a “participation rent” to the city once a certain number of eventgoers use the field.
“Constellation Field was originally built with 4B dollars,” Rodriguez said.
According to the director, the SL4B Corporation spent $30 million to build the stadium, while the remaining $6 million in private equity funded the rest of the build cost. The SL4B Corp. also agreed to spend $10 million over five years to upgrade the stadium once the Houston Astros signed on the Space Cowboys, formerly the Skeeters, as AAA affiliates.
“This parcel and much of the nearby property has recently come under new ownership,” Rodriguez said. “This is an opportunity for us to control the space around our asset.”
The $3.6 million price tag for the adjacent acreage in question comes from a price of $12 per square foot and an estimated 1% closing fee.
