HOUSTON – (Realty News Report) — Chevron U.S.A. has acquired 77 acres in the Bridgeland master planned community in Northwest Houston, indicating that the energy giant has a long-term interest in Houston, known as the Energy Capital of the World.
The energy company said the property will be planned for use as a research and development campus for Chevron, which is headquartered in San Ramon, Calif.
Bridgeland, developed by Howard Hughes Holdings, is an 11,500-acre community located about 20 miles west of the global headquarters of Exxon Mobil. In terms of new-home sales, Bridgeland ranks in the top 10 in the nation, typically selling around 1,000 new houses per year.
For Howard Hughes, which has been making efforts to attract corporate offices in its master planned communities, the Chevron land buy in Bridgeland represents a significant transaction.
Chevron will be located in Bridgeland Central, the community’s emerging 925-acre urban hub devoted to commercial development planned with a denser pattern.
“Chevron’s acquisition marks a pivotal moment for Bridgeland as the community enters its next phase of development as a leading job center for the region,” said Jim Carman, President of the Houston Region for Howard Hughes. “One of the top-selling communities in the country, Bridgeland is poised to benefit from the influx of businesses and their employees seeking to live and work in a centralized location that offers commercial opportunities as well as single-family and multifamily housing options to meet growing demand.”
Bridgeland’s growth has increased demand for office, retail, dining, medical, hospitality and entertainment.
Chevron Researching a Lower Carbon Energy Future
“Chevron is attracted to the opportunities Bridgeland has to offer and views this acquisition as a strong addition to our asset portfolio,” said Daniel Abate, Head of Corporate Real Estate for Chevron. “We take pride in contributing to the communities where we live and work and are excited about the potential of establishing a research and development campus in Bridgeland to advance our work toward achieving a lower carbon energy future.”
Chevron, which has offices in downtown Houston, has about 8,000 employees in Houston and about 2,000 in northern California, according to a 2022 report.
Bridgeland is located in the Cypress area near Highway 290 and the Grand Parkway.
The Chevron site acquisition follows the recently announced first phase of Bridgeland Central with the start of construction of Village Green at Bridgeland Central, which will include the community’s first H-E-B grocery store and the first mass timber office development for both Howard Hughes and the 12-county Greater Houston area.
“Howard Hughes communities stand out for their business-friendly environment with ample build-to-suit opportunities that provide companies the flexibility and potential for growth that is critical in today’s evolving landscape,” said David R. O’Reilly, Chief Executive Officer of Howard Hughes. “Across the country, our communities provide an unrivaled quality of life for all generations—which is imperative as companies strive to attract and retain top talent. Our Houston region is a growing hub for leading companies that are innovating in energy, technology, life sciences and other industries that are shaping the future of the new economy.”
Howard Hughes also develops Summerlin in Las Vegas; Downtown Columbia in Maryland; and The Woodlands, a 28,000-acre community located 27 miles north of downtown Houston.
In a press release, Howard Hughes describes the situation thusly: “Bridgeland is attracting industry leaders with its vibrant, walkable, mixed-use town center which will feature commercial and residential offerings integrated into a natural landscape with parks, lakes, trails and open space.”
Howard Hughes Holdings Inc., formerly Howard Hughes Corp., is traded on the New York Stock Exchange as HHH.
Sept. 5, 2023 Realty News Report Copyright 2023
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Rendering courtesy Chevron
File: Chevron Buys 77 Acres in Bridgeland