Sugar Land-based Planned Community Developers announced May 6 the acquisition of a 5-acre tract for the development of a new 150,000-square foot Class A office building and 134-room hotel.

The new $45 million mixed-use development—known as Lake Pointe One—will be located on Brooks Lake near the intersection of Hwy. 59 and Hwy. 6. Although an anchor tenant has not yet been identified for the office space, construction on the hotel is expected to begin this fall, Planned Community Developers President Les Newton said. Once construction begins, the mixed-use development is expected to open in about 28 months. Once complete, Newton said Lake Pointe One will be designed to target popular business sectors in Sugar Land, such as engineering, financial services, energy and technology companies. “Lake Point One will be ideal for a company seeking a corporate headquarters location as well as small to mid-sized businesses looking for Class A space with freeway access and proximity to shopping, dining and recreation,” Newton said. Planned Community Developers Principal Don Janssen said the location of the new development is key to attracting future businesses. “The unique combination of water frontage and amenities makes this a one-of-a-kind site in the Houston area,” Janssen said. “Keeping office buildings leased requires offering more than the typical office environment. Office users prefer a full complement of amenities within easy walking distance over a traditional suburban office project.” Planned Community Developers officials have also developed the 9,700 master-planned community First Colony and Sugar Land Town Square.