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JV Takes Control of 12 Acres for Retail Development

HOUSTON-Eastbourne Investments, Wellington Development and Fidelis pick up a second corner at the junction of FM 529 and Fry Road. With 52 acres now banked, the plan is to break ground sometime in 2006.

By Amy Wolff Sorter | Updated on August 26, 2005

HOUSTON-In an off-market transaction, joint venture partners Eastbourne Investments, Wellington Development Co. and Fidelis Realty Partners Ltd. have picked up 12.3 acres at the corner of FM 529 and Fry Road.

Frank Egan, president of the Williamsville, NY-based Eastbourne, tells GlobeSt.com that the southwest corner will be built out with retail. “We’re hoping for big-box retail there and are looking to kick off development during sometime next year,” he adds. But, he says, it’s too early in the planning to be specific about a groundbreaking date.

The acquisition is the investment group’s second land buy in the area. In November 2003, Eastbourne and its local partners purchased more than 40 acres on the southeast corner of FM 529 and Fry Road–also banking it for future retail development.

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