Officials lay the foundation for Pearland's first Class A office building
Officials with the Pearland Economic Development Corporation (PEDC) and developers of the new ZT Shadow Creek Business Center poured the first of what will become 2,967 cubic yards of building cement during a unique groundbreaking event Oct. 28. The Laying the Foundation of Success ceremony celebrated the city's first of two, planned Class A office buildings. Bringing new office development to the city is a primary focus of the PEDC. Pearland, which is Houston's fastest growing suburb, has the abundance of retail and residential support needed to bring diverse industry to the city. These elements help fulfill PEDC'sstrategic vision to become the destination city. for people to live and work in Pearland, that's our mobility plan. We want to bring people to Pearland and keep them here,"said Fred Welch, executive director of the PEDC. "We are excited to be here today to celebrate this true milestone of laying the foundation for the city's first Class A office building."
Spanning up to 7.5 acres at Shadow Creek Parkway and State Highway 288, plans for the multi-phased development consist of two Class A office buildings. Phase one is a four-story, 80,000 square-foot building and phase two is set to be 100,000 square feet. The project is being developed by T.A.B. Lonestar Holdings Inc., an affiliate of ZT Properties USA, and co-developer Wallace Bajjali Development Partners LP. Sterling Bank is funding the project.
City of Pearland Mayor Tom Reid and Welch addressed the crowd on behalf of the city. They were joined by Taseer Badar, president and chief executive officer of the ZT Group of Companies; David Wallace, chief executive officer of Wallace Bajjali Development Partners LP; and representatives from project broker Moody Rambin Interests and Sterling Bank. "This is truly a public/private partnership of which we can all be proud," Wallace said. During the last two years, the developers diligently worked with city officials to create a project that meets the needs of the community. To ensure the project's success, the city is providing attractive incentives to bring business and development to Pearland. "This building will enable more than 1,000 jobs to come to Pearland, which will in turn drive the area's economy. This building is the crowning point of a new development trend,"Wallace said.
The property'sdesign features were unveiled at the event, including premium construction finishes and pre-cast, glass construction. The project also features many amenities, including a low-reflectance surface roof that reduces the heat emitted into the atmosphere, light pollution and water flow reduction fixtures, energy efficient HVAC systems, water efficient landscaping, and designated parking for energy efficient and low emission vehicles. Phase one of the project has an estimated completion date of mid-2009. Moody Rambin Interests is currently handling pre-leasing for both phases of the project. Future tenants will have convenient access to the 3,300-acre Shadow Creek Ranch subdivision, the world-renowned Texas Medical Center, downtown Houston, two major ports, Hobby Airport and four million square feet of existing and new retail within Pearland, including the new Bass Pro Shops and HEB Plus. PEDC plans to offer a broad range of competitive economic incentives to businesses interested in expanding to or relocating to ZT Shadow Creek Business Center. For leasing information, contact Steven Bryant of Moody Rambin at 713-773-5585.
The Pearland Economic Development Corporation was established in 1995 to promote, assist and enhance the economic development activities and qualities of life within the city. In bringing new and existing businesses to the area, the organization attracts capital investment to add to Pearland'stax base and helps to increase the number of better-paying jobs for residents. For more information, visit www.pearlandedc.com.
About ZT Properties USA
ZT Properties USA offers individuals and companies real estate investment opportunities without the hassle of property management responsibility. The company is one division of ZT Group of Companies, a Houston-based firm founded in 1997 that develops common-sense solutions to asset management, and business growth and development. For more information, visit www.ztgroupco.com.
About Wallace Bajjali Development Partners, L.P.
Wallace Bajjali Development Partners, L.P. is a real estate development firm specializing in single-family lot subdivisions, commercial land development, mixed use town centers, vertical retail and office development. For more information, visit www.wallacebajjali.com.