Chinese Developers Break Ground On $300M Project In Pearland
After announcing a new Houston-based affiliate earlier this week, Beijing-based Modern Land has gotten straight to work constructing a new $300M mixed-use project in Pearland.
The 48-acre development, called The Ivy District, will be on Highway 288, eight miles south of The Medical Center in South Harris County, according to Realty News Report. The community will consist of 224 senior community units, 46 townhomes, 335 rental apartments, 142 condos and more than 200k SF of Class-A office.
In what's a surprise to no one, funding for the project came from foreign investors in the EB-5 immigration investment program, a somewhat controversial program allowing investors to attain visas if they invest sizable sums in the US. With the state of financing across Houston, we'll take all the outside investors we can get. [RNR]