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HOUSTON- Land belonging to cement producer Texas Industries Inc. will have a second life as a mixed-use community, Tierra Vista Lakes. The land mass is the largest contiguous block of developable acreage in northern Fort Bend County, where large tracts are trading for $25,000 to $35,000 per acre.

Local developer Clinton Wong, operating as Tierra Vista Lakes Ltd., tells GlobeSt.com that it’s too early to discuss specific land use. What is certain is it will be built out with retail and residential space. The land is bordered on the west by Harlem Road, will encompass the north and south sides of the proposed Bellaire Road and has frontage along Westpark Tollway.

Bill Byrd, principal with Colliers International Inc. in Houston, predicts dirt will start to move “before the end of the year, if not sooner.” He says the Westpark Tollway frontage will support a retail component, especially after rooftops come in although it’s too soon to determine what, exactly, will be built there, or how much space will be built. The new owner also got a hard corner at Harlem and Bellaire roads, another top candidate for retail build-out.

Byrd says the acreage overall is ripe for retail development because there hasn’t been a huge amount of retail investment made in the immediate area. “The couple of retail sales that have occurred recently around there are $8 per sf to $12 per sf for pad sites and that’s really it,” he adds.

Byrd says Wong beat out 10 other offers for the land because he placed the best overall offer. Start to finish, the deal took roughly three months to lock in and close. Wong’s added advantage was his ability to complete due diligence in a timely fashion, according to Byrd.

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