HOUSTON – The Woodlands, a master planned community 27 miles north of downtown Houston, recorded $168 million in land sales revenue during 2014, according to the project’s owner, The Howard Hughes Corp.
Commercial land sales totaled over $90 million, including a $71 million, 59-acre sale to a major hospital organization.
Residential lot sales totaled $78 million, with 466 lots sold at an average price of $167,000 per lot.
Regarding the so-called Woodlands Part Two, in 2014 and early 2015, the Hughes company said it completed the assemblage of 2,100 acres of undeveloped land, at a cost of $101 million, along Interstate 45 in Montgomery County approximately 13 miles north of The Woodlands. Ideally located between the towns of Conroe and Willis.
“One of our principal reasons for acquiring this asset was to continue to spur commercial activity at The Woodlands. The uniqueness of our master planned community business is that residents can “live, work and play” in their own community. By delivering 5,000 additional lots, we continue to provide future employers in this market with an employee base of ready and willing talent to serve their needs,” Howard Hughes Corp. said in a letter to shareholders.
“Under the current master plan, approximately 1,488 acres will be allocated toward residential use producing over 4,900 lots, while 161 acres will be used for commercial purposes. The remaining acreage will be allocated toward civic uses such as schools, police and fire stations, parks and utilities. Based on the current development pace, we expect to deliver the first lots in 2016 and begin selling in the first quarter of 2017.”
Howard Hughes Corp. also owns the Bridgeland community in northwest Houston. In Bridgeland, it sold 401 lots to builders in the second half of 2014. The 401 lots sold generated over $38 million in residential land sales revenue, more than tripling 2013’s land sales revenue of $11 million, the company said and the price per lot increased almost 25 percent from $77,000 in 2013 to $96,000 in 2014.