Complex sentence: Pearland Town Center is the first mall to open in the Houston area since Katy Mills Mall in 1998 and is the first to utilize the "lifestyle center/outdoor mall" concept.
Split into simpler sentences: Pearland Town Center marked the newest mall to open in the Houston area since Katy Mills Mall in 1998. This also marked the first time a mall has opened in the Houston area using the "lifestyle center/outdoor mall" concept.