PEARLAND, Texas—A local development that once promised to rival The Woodlands has become another victim of the troubled economy.
11 News was there in 2008 when plans for the WaterLights District, located near Highway 288 and Beltway 8, were proposed.
But now, Amegy Bank has posted the property for foreclosure.
The $700 million, 40,000-acre project had promised to bring a mix of commercial and residential development to Pearland.
Developers wanted to model it after old European towns.
The centerpiece was to be a grand canal and the Presidential Park and Gardens, which would have included a collection of presidential busts.
Developers now hope investors will come to the rescue before the clock runs out.
