HOUSTON – (Realty News Report) – The Signorelli Co. has announced plans to develop a 4,700-acre master planned community Austin Point in Fort Bend County.
Upon completion, the Austin Point master plan calls over 14,000 single-family homes and 15 million SF of multifamily, office, medical, retail and hospitality uses.
The community’s initial main entrance is planned along FM 762, south of I-69 and George Ranch High School.
According to future road planning maps, Austin Point located at the future intersection of the Grand Parkway and Fort Bend Parkway.
With its 4,700 acres, Signorelli says the Austin Point will be the largest master planned community to be announced in Fort Bend County in over 20 years.
Its size pales in comparison to the 9,700-acre First Colony, a development by Hines and the Stichting Shell Pension Fund, which started the project in 1976.
Austin Point is expected to break ground in the second quarter of 2022. Homes prices are expected to range from the $270s to more than $600,000.
HOUSING MARKET FORECAST
The Houston area homes sales hit a record high in 2021 as mortgage rates remained low enough to attract hordes of home buyers.
Rates will rise somewhat in 2022, but not enough to dampen the nation’s sales pace significantly.
“Looking into 2022, we still see a really strong housing market,” CoreLogic Chief Economist Frank Nothaft said on The Ralph Bivins Project podcast recently. “We do expect home sales to rise and hit a 16-year high over the course of 2022.”
The Austin Point project is being developed on the historic Moore Family Ranch on the southwest side of Houston.
“Our focus with Austin Point is to bring to South Fort Bend County all the benefits found in other major corridors, from thriving shopping centers, office, medical, and academic to entertainment and leisure,” said Signorelli Company Founder and CEO, Danny Signorelli. “Austin Point’s plans to deliver a dynamic community starts now.”
Jan. 22, 2022 Realty News Report Copyright 2022
Houston 2020 Ebook version https://tinyurl.com/4xm7z8b5
ECONOMIC FORECAST – The RALPH BIVINS PROJECT podcast welcomed guest Frank Nothaft, chief economist of CoreLogic. LISTEN:
File: Fourteen Thousand Homes Planned for New Community by Signorelli