Officials from Sugar Land and ACE Theatrical Group gathered Tuesday to celebrate the topping out of the Smart Financial Centre at Sugar Land, the region's first state-of-the-art indoor performance venue.

The $84 million venue — slated for completion in fall 2016 — aims to position the fast-growing Sugar Land region as a destination for culture and entertainment in attracting large scale national performances. It will also host local graduations and community theater productions.

The 200,000-square-foot venue, located off of U.S. Highway 59 and University Boulevard in Sugar Land, features moveable walls to create four different seating capacities, ranging from a maximum of 6,400 to more intimate setting of 3,400 seats. The venue also features 14 luxury suites, corporate hospitality areas, and the latest sound, light and video technology, as well as space to house up to 18 trucks and buses and 2,500 guest parking spaces.

"Along with a new 50-acre business site for Fluor, the Texas Instruments campus, the future expansion of Class A office space and plans for a hotel/conference center and other amenities, the Smart Financial Centre at Sugar Land is the cornerstone of an exciting development that will increase tourism, provide unique destination activities for local and regional visitors, promote capital investment and create new jobs," Sugar Land Mayor James Thompson said in a statement.

The city of Sugar Land teamed with ACE Theatrical Group on the project. Founded by entertainment veteran Allen Becker, who co-founded PACE Entertainment Corporation in 1966, ACE is currently involved in projects to restore large theaters in San Antonio, New Orleans, Brooklyn, New York.