1600 Homes Planned by Perot Firm

LEAGUE CITY, Texas – (Realty News Report) Hillwood Communities has started development of Legacy, an 805-acre community in League City on the southeast side of Houston.

Legacy is planned for 1,630 homes. Phase 1 lots are expected to be delivered during the first quarter of 2025 with model homes opening in the second quarter.

Located east of FM 528 and south of South Friendswood Drive, the Legacy community adds to the Houston residential development portfolio of Hillwood, a Dallas-based company led by Ross Perot Jr.

On the south side of Houston, Hillwood Communities is developing Pomona, a 1,000-acre community in Manvel that was named 2022 Master-Planned Community of the Year by the Greater Houston Builders Association. Another Hillwood community is under development, Valencia, also in Manvel.

The Legacy community is being developed by a partnership of the affiliates of the Ross Perot  family and the Steadman West family.

“The community name honors the Stedman West family — who once owned this land — and the Perot family, who launched Hillwood Communities. Together, these titans represent the endless possibilities that come with grit and determination. We hope to create the framework here that enables our residents to build their own unforgettable legacies,” said Russell Bynum, Houston Area General Manager for Hillwood.

The community entry and other common areas will reflect ranch-inspired architecture, Bynum said. The modern ranch theme will continue through names of neighborhoods and the Phase 1 amenity complex — The Homestead.

Various kayak and paddleboard launches will allow residents to navigate the approximately 60 acres of waterways found in Legacy.

Builders have not yet been announced for Phase 1, which will encompass 510 homesites.

Rising mortgage rates, now over 7 percent, have dampened residential sales over the last year. Existing home sales have suffered as mortgage rates march toward 8 percent

However, home builders have been employing tactics to make homes more affordable as mortgage rates have skyrocketed, including mortgage rate buy-downs and trimming home construction costs.

The demand for residential land and lots for home building remains strong in suburban and exurban Houston.

Hillwood is a commercial and residential real estate developer, investor and advisor of properties throughout North America and Europe. Hillwood developed the 27,000-acre AllianceTexas, a business park with an airport on the north side of Fort Worth.

Through its residential division, Hillwood has delivered more than 30,000 single-family lots in 90 master-planned communities across 13 states and Costa Rica.


Oct. 16,  2023 Realty News Report Copyright 2023

Image: Rendering of proposed entry concept. Courtesy: Hillwood.Communities

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File: 1600 Homes Planned by Perot Firm

 

 

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