China-based developers break ground on $300M development in Pearland
Construction of Pearland's new, 48-acre mixed-use development is underway.
Just west of Texas 288 and south of Beltway 8, the Ivy District will offer office space, retail shops, restaurants and residential options that include townhomes, apartments, senior living and condominiums. A hotel is also tentatively in the works as well as a 15- to 18-acre park.
Plans call for a 224-unit senior complex with independent and assisted living, which will include nursing care and memory-care spaces. The nearly 18-acre residential area will also deliver more than 140 condominiums, 46 townhomes and 335 apartment units.
The $300 million project comes courtesy of America Modern Green, an American affiliate of the Beijing-based investment holding company Modern Land China. China has become a leading investor in Texas, specifically Houston, having spent $7.4 billion in this state over the last 15 years.
The company is developing this multiuse district in phases over the next several years. Land preparation is underway, including traffic lights and signage. Vertical construction is expected to begin next year.
According to Texas-based Realty News Report, the project will be financed through the federal EB-5 investment program, which makes U.S. visas more accessible to foreign citizens who invest heavily in America.
The WaterLights District, which was to feature a park with presidential bust sculptures by artist David Adickes, was proposed for the site where Ivy District will debut. The WaterLights District was a similar mixed-use plane but plans fell through when its primary lender, Amegy Bank, posted the property for foreclosure.
According to Ivy District's website, this campus is expected to generate millions in tax revenue and to create more than 900 jobs.
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