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http://www.chron.com/cs/CDA/ssistory.mpl/business/3047139 Feb. 19, 2005, 12:40AM Developers have ideas for Imperial land By NANCY SARNOFF and ERIC HANSON Copyright 2005 Houston Chronicle The sprawling Imperial Sugar refinery, once the center of Sugar Land's economic and social life, is being sold to developers who hope to return it to that status with a project mixing condominiums, single-family homes and retail space. On Friday, Imperial Sugar announced that it reached a preliminary agreement with a partnership of Cherokee Investment Partners and W.C. Perry Land Development to buy the 160-acre Fort Bend County property. "We'll be turning a blight on the community into something more viable and preserving the historic nature of the sight," said W.C. Perry's Will Perry, the son of well-known residential developer Bob Perry of Perry Homes. The elder Perry is not involved. Ultimately, this proposed development could include much more than the old sugar refinery. Perry said the groups will try to acquire a 550-acre tract of state-owned land northwest of the property and redevelop the entire parcel. The prospect of redevelopment is a relief to area residents who have been concerned about living next door to an empty and decaying industrial complex. "I think, for the most part, most people are very excited to know there will be something there instead of a vacant factory with a lot of buildings that need to be demolished. It's looking pretty tacky right now," said Kristin Lytle, who founded the Friends of Old Sugar Land. Perry sees the central feature in the proposed development as something similar to San Antonio's River Walk or The Woodlands Waterway. Oyster Creek runs through the property. Plans are still very preliminary, however, as the group hasn't yet struck a deal with the state on the additional acreage or closed on the Imperial Sugar property. The developers won't discuss the terms or additional details about the proposed project until it is further along. Their deal to buy the Imperial Sugar property could close by year-end, but they must complete a detailed review. Other groups have looked at the sugar refinery site, but it goes back to the early 1900s, and Cherokee's experience in redeveloping old industrial plants helped get the attention of Imperial Sugar executives. The Raleigh, N.C.-based real estate firm buys contaminated properties like old manufacturing and refining sites, cleans up any environmental damage and sells or develops them in partnerships. In 2003, Cherokee closed a $620 million fund