THE WOODLANDS, Texas – The developer of The Woodlands is buying 2,000 acres for a sequel to Houston’s largest master planned community.
The site, where home sales will begin in 2016, is 13 miles north of The Woodlands on the west side of Interstate 45 near League Line Road and the Conroe community.
The owner of The Woodlands, Dallas-based Howard Hughes Corp. has already plunked down $67.3 million to buy 1,343 acres in a deal with the Hendricks brothers that closed in May.
The developer says it is under contract to buy an additional 652 acres next to it, in a transaction expected to close next month, giving Howard Hughes Corp. a 2,000-acre canvas for their next creation.
Howard Hughes Corp. is planning the acreage to be carved up thusly: 1,834 acres of residential and 161 acres for commercial.
The company said the land will yield more than 4,600 home sites and the first lots will be finished and sold in 2016.
After 40 years of home sales at The Woodlands, the question loomed about the eventual sell-out of the 28,000-acre community where more than 100,000 people now reside. The Woodlands has matured to the point where it has become a major commercial center with significant office components, including Hughes Landing where Exxon Mobil will occupy 500,000 square feet. For years, The Woodlands had been one of the top selling new-home communities in the nation, but it has slipped slightly in the rankings recently.
Although residential lot sales in The Woodlands are on the home stretch, home sales continue to be strong in 2014, the company says.
The average price per detached single family acre at The Woodlands increased 10 percent, or $62,000 to $683,000 for the three months ended June 30, 2014 compared to $621,000 for the same period in 2013. Average price per detached single family finished lot decreased slightly from $168,000 to $163,000 due to smaller average lot sizes sold in the second quarter 2014 compared to second quarter 2013.
“Land prices in Houston and Las Vegas continue to increase, driven primarily by a scarcity of supply and also, in the case of Houston, very strong population and economic growth,” said David Weinreb, CEO of Howard Hughes Corp.
Created by the visionary oilman George Mitchell, The Woodlands is a 28,000-acre master-planned community located 27 miles north of downtown Houston. It is home to more than 107,000 people, and more than 50,000 people work in the community.
— By Ralph Bivins, Editor, RealtyNewsReport