In May 2014, Howard Hughes Corp. acquired 1,343 acres of undeveloped land located 13 miles north of The Woodlands for $67.2 million from the Hendricks brothers. Howard Hughes added to the parcel in October when it acquired an additional 653 adjacent acres for $27.8 million from a different seller.
“We have preliminarily planned for approximately 1,834 acres of residential and 161 acres of commercial development on the combined sites, and currently estimate that the residential acres will yield over 4,600 lots,” the company said in a news release.
“This new community will be developed and managed by The Woodlands, and the first lots are expected to be finished and sold in 2016. The actual timing of development and sellout will be subject to several conditions, including market demand for residential lots and commercial properties,” the company said. The name of the new community has not been announced.
In The Woodlands community, land sales increased $7.8 million, or 37.5 percent, to $28.6 million for the three months ended Sept. 30, 2014, compared to $20.8 million for the same period in 2013, the company said.
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.