That area, formerly dubbed the "WaterLights District," used to be home to presidential busts designed by Houston sculptor David Adickes. It was an area discussed for development by another party until the economic downturn in 2007 stopped a prior developer's plans.
But the developer went belly up. The land was purchased by another developer, intent on turning it into more of a center of 'urban living.'
"The advantage that Pearland has today is that the property value is among the lowest in the Houston area and the opportunity for growth in the Pearland is among the highest," said Architect Steven Biegel.
Beijing-based Modern Green Development says it chose this location over anywhere else in the U.S. They want to build out the 48 acres to include retail, restaurants and residential. The $344 million project would include about 900 condos, 400 apartments and at least one hotel.
Developers say it would be 'multi-generational' but would be geared toward seniors and would even include some assisted living.
"Complete with the kind of amenities that you might need for that aging population," Biegel said.
Developers say proximity to the Texas Medical Center makes it a draw for those who would be going there often for treatment.
Assistant City Manager Mike Hodge couldn't say what the potential sales or property tax implications could be. He says city staff will be reviewing the proposal over the next month.
"Our growth is important to us and this is an area that obviously we'd like to see something happen there," said Hodge.
City officials cannot yet say what impact the development would have on traffic, specifically up and down Highway 288. Nor could they yet say what economic impact the plans could have for the area.
The development will be discussed at a public hearing on March 17. The city council must give approval before the project can move forward.
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