Fluor to sell 50 acres of land to Sugar Land
After a decade of stalled development, Irving-based Fluor Corporation would sell its 50-acre land to Sugar Land.
While remaining discreet about the project, Fluor confirmed to the Houston Business Journal that his property at University and Lexington boulevards is under contract with an undisclosed buyer.
“We didn’t see any official layouts, site plans, or anything,” says Elizabeth Huff, Sugar Land’s director of economic development. “But this is a very high-level mixed-use development discussion.”
Brian Mershon, director of global media relations for Fluor, did not provide a specific reason for the decision to sell the property instead of building a campus there. Meanwhile, in the Dallas-Fort Worth metroplex, the company is looking to sell about 22 acres of land next to its headquarters at 6700 Las Colinas Boulevard.
The tract is a 2,018-acre planned community called Telfair, which was built on the grounds of a former prison. It was developed by California-based Newland Communities in 2018.
The sale of the land marks a significant shift in Fluor’s plans, as the company was set to open a new campus on 28.5 acres of the property more than three years ago.
Fluor purchased the land in 2012 so it could remain in Sugar Land after the lease of its current facility at 1 Fluor Daniel Drive was due to expire in 2021. However, it recently renewed its lease and will remain in place until at least 2026.
“(We had) a memorandum of understanding that we would pursue an incentive package with options for them when they were ready to go ahead with construction, and that was very high level, but we never formally approved any incentive deals,” Huff said. . “They never invested any money in the project.”
The City of Sugar Land even offered the company a major site development incentive program, which included a tax abatement on Fluor’s $165 million capital investment and a dedicated workforce. at least 2,000 employees. The city has even offered plans to provide sales tax rebates on campus construction and help the company secure state incentives.