PEARLAND, TX-Poag & McEwen Lifestyle Centers and long-time joint venture partner, Prudential Real Estate Investors, will develop the Promenade Shops at Shadow Creek, an 800,000-sf lifestyle center with a $200-million price tag.
The project will rise on 127 acres at the intersection of Beltway 8 South and Texas 288. "We've been searching in Houston for two to three years to find the right site," Josh Poag, executive vice president and CFO of the Memphis-based Poag & McEwen, tells GlobeSt.com. The JV has paid $15.6 million to a pair of Houston sellers, South Freeway 8 LP and South Freeway-Beltline 8 2 LP, for land inside the lines of Spectrum at Clear Creek, a 1,000-acre, mixed-used development with residential, retail and entertainment space. US Bank provided financing for the land buy.
Poag credits the Houston-based firms of Weems & Co. and Phelps Properties with coming up with the right tract for the developer's first project in the Houston area. Construction on the center is set to begin in early 2006. Poag says the center will be open for business in mid-2007. The Atlanta-based design firm of Thompson, Ventulett, Stainbeck & Associates has been hired to finalize the site plan. A general contractor has not yet been chosen.
Poag, estimating the project at $200 million, says the Pearland market is underserved by retail. "The closest competition is 12 miles away in Sugar Land and in Baybrook," he points out, adding population growth in the area is strong. To date, no tenants have committed to the project, but several letters of intent are out, he says. And, he adds, the lifestyle center will have anchors unlike many development in its category.
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