What Recession? - Plans for new commercial development at 59 and University Boulevard move ahead
Despite widespread national news reports of an impending decline in commercial real estate values, business in Sugar Land is charging ahead in the form of a recently-approved new commercial development at U.S. 59 and University Boulevard
Commercial Development - 59/University
Means Knaus Partners - Sugar Land and NNP Keepsake-Newland Communities (which developed Telfair) have signed an agreement with the City of Sugar Land to start development planning for 300+ acres of new commercial property. The acreage includes the University of Houston campus as well as 95 acres slated by the City for economic development purposes. This acreage is located within the potential cultural/entertainment district which the City is trying to develop. The specific business or types of businesses to be included in the development are not yet known, as the project is in early stages. The parties to the agreement expect a proposed development agreement to be ready in June.
The City is continuing to move forward with plans for approval and development of the cultural/entertainment district, which it hopes will lead to recreational, educational, entertainment and residential opportunities for residents. Included among the plans for the district are a minor league baseball stadium and team as well as a concert venue. Planning for the district has not yet advanced to the point where construction dates have been set.