Lake Pointe Plaza is a project from Sugar Land-based developer Planned Community Developers, the company behind Sugar Land's 10,000-acre First Colony development and the 1.4 million-square-foot Sugar Land Town Square.
Construction on the 53-acre project, located at the intersection of I-69 and Hwy. 6, will begin in the third quarter of 2024, according to an Aug. 21 news release from Planned Community Developers. There is no set date for the completion of the project, as of press time.
With only 4% of vacant land left for development in Sugar Land, city officials prioritizing redevelopment, and the Fluor site at Lake Pointe is identified as a key redevelopment opportunity, PCD officials said in the release.
Lake Pointe Plaza's development builds on PCD's mixed-use development scheme in the surrounding 190-acre Lake Pointe Town Center project, valued at approximately $650 million, according to the release.
The development is expected to involve a public-private partnership through the use of a tax increment reinvestment zone, or TIRZ, to fund public improvements and infrastructure, according to the release.
A TIRZ uses higher property tax income from growing property values in a specific zone to fund local development projects.
According to the release, the mixed-use project is set to include:
- Waterfront activities, such as kayaking and paddleboarding
- Residential options
- Office spaces
- Medical and life sciences facilities
- A hotel with a conference center
- Entertainment venues
What they’re saying
“We have focused our time and energy in Sugar Land and Fort Bend County, and are proud of the legacy developments we have created,” PCD President Don Janssen said in the release. “We intend to apply our experience, working closely with the city, ... to create another memorable, community-centered destination of timeless quality.”