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Development
Houston

Dhanani buys 50 acres in Sugar Land from Fluor Corp.

Land purchased in 2012 for engineering and construction firm’s HQ

Dhanani's Ahsan Daredia and rendering of North West corner of University Boulevard and US 59 Southwest Freeway (Dhanani Private Equity Group, LoopNet, Getty)
Dhanani's Ahsan Daredia and rendering of North West corner of University Boulevard and US 59 Southwest Freeway (Dhanani Private Equity Group, LoopNet, Getty)

Fifty acres of what used to be a prison outside of Houston has mixed-use development in its future.

Dhanani Private Equity Group purchased the land, off the U.S. Highway 59 and University Boulevard in Sugar Land, from Irving-based Fluor Corporation, the Houston Chronicle reported. The price wasn’t disclosed.

Sugar Land-based Dhanani plans to rezone the property for mixed-use, then develop some retail and sell off remaining acreage for development of residential and office.

The sale is part of the Telfair master-planned community, a project that was developed by California-based Newland Communities in 2018 on the site of a former prison.

Fluor, the Sugar Land-based engineering and construction firm, bought the land in 2012 with plans to develop a headquarters campus, but has renewed its current office lease through 2026.

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No reason was given for the decision to sell instead of building. Meanwhile in the Dallas-Fort Worth metroplex, the company is looking to sell a roughly 22-acre tract next to its headquarters at 6700 Las Colinas Boulevard.

The developer will have to apply for a planned development and submit plans for a “mixed-use project within a regional activity center.” The zoning process could take six months to a year. The firm hopes to break ground in the next two years.

Dhanani plans to retain a portion of the land for a retail development and sell the remaining parcels to other developers. Once completed, the full development will likely cost a total of $200 million to build.

Dhanani has seven multifamily development projects in the works across the Houston area, totaling 2,000 residential units.

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— Victoria Pruitt

Tags
DevelopmentMixed-use