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Dhanani buys 50 acres in Sugar Land from Fluor Corp.
Land purchased in 2012 for engineering and construction firm’s HQ
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.
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