PEARLAND, Texas – (Realty News Report) – Houston developer Allen Crosswell, managing principal of NewQuest Crosswell, has purchased the remaining commercial tracts in Shadow Creek Ranch, a 3,300-acre master planned community that is nearing completion.
The deal, with a Crosswell-led partnership acquiring the remaining 63 acres of commercial reserves in Shadow Creek Ranch, represents the final exit from the master-planned community by the community’s creator, Shadow Creek Development Co., a firm led by Carlo Ferreira of Las Vegas.
Home building began in the project in late 2001. With more than 6,000 single-family homes originally planned, Shadow Creek Ranch, tapped into strong homebuyer demand from the Texas Medical Center, which about 10 miles away. Shadow Creek Ranch is located on the west side of Highway 288, south of Beltway 8.
The last of the residential lots in the community have been acquired by home builders, says Brad LyBrand, of NewQuest Properties, a Houston firm that has marketed much of commercial land in Shadow Creek, which has retail, multifamily, and medical facilities operated by Memorial Hermann, HCA, HealthSouth and Kelsey Seybold.
Crosswell has been a major force in the Shadow Creek development, spending some $100 million to purchase commercial land in the development since 2004. One of the biggest deals was 155 acres Crosswell picked up along Highway 288.
This latest and final acquisition includes a 30-acre tract at the northwest corner of FM 521 and Broadway Street and several smaller parcels along Shadow Creek Parkway.
The Crosswell/Ferreira partnership worked so well, the developers are planning a sequel. This time it’s in Denver. The 3,000-acre project, called Aurora Highlands, will be located south of the Denver International Airport. The formula will be the same: Ferreira’s organization will handle overall land development and NewQuest Crosswell will control the commercial reserves.