(For more retail coverage, click GlobeSt.com/RETAIL.)
PEARLAND, TX-Today, local economic development leaders and private partners will unveil plans for the Spectrum at Clear Creek, a business, technology and retail park. The first phase, 320 acres, will feature a 700,000-sf lifestyle retail center and 200 acres devoted to both build-to-suit and speculative office and technology projects. The lifestyle portion has been dubbed the Promenade Shops at Shadow Creek.
The Pearland Economic Development Corp. (PEDC) is partnering with BioHouston Inc. in Houston, LNR Property Corp. of Dallas, Colliers International's Houston office and Memphis-based Poag & McEwen Lifestyle Centers LLC. The site at the intersection of Beltway 8 and US Highway 288 is close to 1,000 acres, but the initial phase of development will focus on 320 acres, of which 120 are earmarked for the lifestyle center. According to Fred Welch, the PEDC's executive director, the first phase's build-out should take about seven years.
"What the city has done right now is made about an $8.5-million commitment to bring infrastructure onto the site," Welch tells GlobeSt.com. He says infrastructure construction is scheduled to be complete in March 2006.
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