PEARLAND, Texas – Larkspur Shadow Creek LLC has acquired a tract of land in the Shadow Creek Ranch community south of Houston for the development of a seniors living facility.
The site, near the northeast corner of Shadow Creek Ranch Parkway and Kingsley, is one of the last commercial reserve tracts in the 3,300-acre Shadow Creek Ranch, now in its 17th year of development.
Underlying the land sale is Pearland’s rapid emergence as a regional healthcare hub, where more than $350 million of medical facilities are open, under construction or will soon break ground. The senior living project, slated to break ground this summer, will be built on 9.45 acres.
“Seniors-related housing product is one of the most active residential categories that we’re seeing in this market,” says Brad LyBrand of Houston-based NewQuest Properties.
LyBrand and Brad Elmore, a vice president with NewQuest, represented the seller, A-S 143 SC Ranch LP, a single-purpose entity of NewQuest Crosswell. Kennedy Davis of BWH Capital LLC brokered the transaction for the buyer of record, Larkspur Shadow Creek LLC.
“Pearland’s growth is really being driven by proximity to Texas Medical Center and downtown Houston,” Elmore says, “and localized expansion of research and development, manufacturing and retail industries.” The city is the third largest in the Houston MSA and No. 7 on RentCafe’s Top 10 list of the most prosperous cities in the U.S., citing a 21% spike in home values since 2000.
Further piquing development interest in Pearland is the SH 288 expansion project, a new 10.3-mile toll road designed to improve traffic flow north into Houston and south to TX 6. The center city is 12 miles to the north and Texas Medical Center, a mere 10. Shadow Creek Ranch will have direct access to the four-lane toll road, slated for completion in mid-2019.
Pearland’s population has climbed to nearly 125,000 since 2010, many of whom are professionals and the offspring of Baby Boomers who’d relish living close by their children and grandchildren. Shadow Creek Ranch features homes from $249,000 to $800,000 with views of lakes, the town square, a $10.1-million, 65-acre community sports complex with parks and pools plus miles of hike ‘n bike trails. The immediate trade area boasts more than four million sf of retail.
“Shadow Creek Ranch is the pre-eminent master-planned community in Pearland and the 288 Corridor,” Elmore says. Since 2004, the commercial development has been spearheaded by Houston developer Allen Crosswell, who acquired the last 63 acres one year ago.
“There is pent-up demand for these commercial reserves. We’ve had a lot of activity from seniors-related developers,” LyBrand says. “We have five contracts in hand for a variety of uses – schools, retail, single-family, medical and age-restricted development.”
June 5, 2018 Realty News Report Copyright 2018