The development aims to revitalize the area and accommodate changing market demands, as well as align with the city's priority of redevelopment, said Devon Rodriguez, Sugar Land's director of economic development.
The setup
Community Impact previously reported last year Planned Community Developers, known for the First Colony residential development and the Sugar Land Town Square, announced plans for the Lake Pointe Plaza redevelopment project.
How we got here
- July 2023: Fluor Corp. announced its relocation from Sugar Land campus to the Energy Corridor.
- August 2023: PCD acquired the 53 acres of land, and a workshop was presented to the city outlining the vision for the Lake Pointe Plaza redevelopment project.
- December 2023: The Lake Pointe Redevelopment District was approved, adjusting land use plans and zoning to adapt to market changes. A new zoning district was added, rezoning 53.8 acres along Creekbend Drive and Fluor Daniel Drive. A Redevelopment Concept Plan was developed to guide future development.
A memorandum of understanding is a formal agreement between two or more parties outlining the terms and details of their mutual understanding or agreement on a particular matter.
Rodriguez presented to council the terms of the memorandum of understanding, which included:
- Financial support from the city for infrastructure improvements and demolition/remediation of buildings
- A demolition schedule agreement, ensuring old buildings are torn down before the city accepts any new infrastructure, especially in areas planned for new homes.
- A designation of a Tax Increment Reinvestment Zone or establishment of a Public Improvement District for project financing
- A 3.5-acre space dedicated for civic space, offering community gathering and entertainment venues
- Consideration of a hotel and conference center within the redevelopment area
- Potential abandonment or relocation of existing right-of-way for development efficiency
- The preservation of mature trees and establishment of a landscape plan
- Dedication of no more than 21 acres of land for urban homes or townhomes to diversify housing options
- An agreement on phasing and relocation of Creek Bend Drive
The next steps involve continuing negotiations to transform the memorandum of understanding into a comprehensive development agreement, Rodriguez said. This process includes analyzing and finalizing various elements required for the agreement, by May 21.
Additionally, steps toward the creation of a Tax Increment Reinvestment Zone or Public Improvement District will be taken, along with other necessary preparations for the redevelopment project, by Dec. 31, Rodriguez said.
What they’re saying
PCD President Don Janssen reflected on the significance of the memorandum of understanding agreement between the city and PCD, saying “it was needed.”
“The city and PCD has come together and said, ‘Hey, we're gonna do this together,’” Janssen said. “It's going to be a partner effort.”
