If you have not been out to Pearland lately, you might not recognize it anymore. What was once farmland and large acreage plots is rapidly developing, following in the footsteps of areas like Katy and Sugar Land. Two recent deals at The Reserve at Shadow Creek Ranch are an example of the area's densification.
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Newquest Crosswell managing partner Allen Crosswell broke the news at Bisnow's The Future of Pearland event. Rooms To Go will occupy a 3.5-acre site with a 39K SF structure. It was also announced that the nine-acre tract at the corner of Business Center and Medical Center drives is under contract for a multifamily development. Details of the deal were not made available.
Multifamily developments in Pearland have been intentionally limited, but the small number have done well. Among six communities totaling 1,963 units in Pearland, occupancy averaged 93.4%, according to Apartment Data Services. Rents at the six communities average $1,297 a month for 972 SF.
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This year HealthSouth began work on a new rehabilitation hospital in the development. The 49K SF hospital will have 40 beds, providing comprehensive, inpatient physical rehabilitation for patients who have suffered traumatic injuries. Plans include an option to double the facility's capacity.
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The Reserve at Shadow Creek Ranch was developed by Houston-based NewQuest Crosswell in 2014. When first announced, the 200-acre mixed-use development was slated to include office space, a multifamily project and medical facilities. So far HCA Gulf Coast Division has completed its $71M Pearland Medical Center in the community and St. Luke's also has a Community Emergency Center on the property.
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