HOUSTON – (Realty News Report) – Empire Continental Land purchased 221 acres in Magnolia for a new-home community in the northwestern suburbs of Houston
Located along FM 1488 and Iron Ore Road, the community will be Empire’s sixth Houston-area development and eighth overall in Texas. The parcel was purchased from Hydie Mcallister and Kareem Gamal of MAG Partners LLC with Jeff Lokey of NewQuest Properties handling the transaction for the seller.
“Magnolia is a growing area and this location can quickly access State Highway 249 and the Grand Parkway,” said Steve Sellers, President of Empire Continental Land. “We’re looking forward to expanding into this part of the Greater Houston market and developing a signature community that will set a trend for development in this area.”
Sellers said Empire is planning more than 700 homes in the community, with home construction beginning 2022.
Home building activity was strong in the Houston area in 2020 as low mortgage rates attracted droves of buyers. An expansion of the work-from-home trend during the pandemic allowed homebuyers to seek homes in more distant suburbs and exurbs because commuting to work was not an issue. Even when the pandemic subsides, many workplaces are expected to be more flexible.
In recent years, Empire, which is part of a Canadian firm, has made significant investments in Houston, which has been ranked second behind Dallas as the best homebuilding market in the nation.
Empire’s active Houston-area communities include Dellrose in Hockley, Coastal Point and Hidden Lakes in League City and Katy Trails in Katy. The company also developed Sommerall Park in west Houston.
In late 2020, Empire announced the purchase of 525 acres near Hutto, which will be the developer’s second Austin-area community. Empire also developed Lakeside at Lake Georgetown.
Empire Continental Land is the U.S. Land Division for Canadian company Empire Communities, which has built more than 20,000 new homes and condominiums over the past 25-plus years in the Toronto and Southwestern Ontario areas. Empire has more than 2,000 acres and 6,300 homesites under development in the U.S. market.
Feb. 5, 2021 Realty News Report Copyright 2021
File: Residential Developer Buys Land
Image: Courtesy Empire
File: (2) Magnolia. Empire Continental Land. Residential Developer Buys Land at FM 1488 and Iron Ore Road. 2021. Hutto. Georgetown. MAG Partners.