The land sale comes three-and-a-half years after national engineering firm Fluor was to break ground on a new campus on the site next to Sugar Land’s Smart Financial Centre, but that never materialized.

Now, Dhanani Private Equity Group has acquired the 50 acres off US 59 and University Boulevard in Sugar Land for a proposed mixed-use development adjacent to the Smart Financial Center concert venue.

The Sugar Land-based company intends to develop the land with residential, retail and office lots and has begun working with the city to obtain permits. “We hope to get restaurants to support the Smart Financial Center and the crowds here,” said Nikhil Dhanani. The aim is to break ground within 24 months, he said.

Dhanani plans to sell plots to various developers and will own part of the land for retail development. The Sugar Land project could be worth $200 million once built out.