Howard Hughes Corp. Acquires 2,000 Acres of Land for Residential Development
- Aug 14, 2014
Dallas-based Howard Hughes Corp. revealed in its second-quarter earnings report that it has closed on 1,343 acres of undeveloped land 13 miles north of The Woodlands. Furthermore, it has entered into a sale and purchase agreement slated to close in September 2014 to acquire 652 adjacent acres from a different seller.
The company plans to use 1,834 acres for residential development and 161 acres for commercial development. According to HHC’s estimates, the land will yield more than 4,600 lots, of which the first are expected to be finished and sold in 2016.
The master-planned community at The Woodlands is well underway, with more than 2.4 million square feet of new office space in development, as reported by the Houston Chronicle. In addition, to the south of The Woodlands, there is another gargantuan development – the Exxon Mobil campus, a 385-acre development designed to accommodate more than 10,000 employees.
Given the tremendous amount of office space under development and the fact that The Woodlands is running out of developable land, it comes as no surprise to see interest in creating even more housing in the neighboring areas, a trend also suggested by the company’s earnings report:
“The market for residential land in The Woodlands remains strong. The average price per detached single-family acre at The Woodlands increased 10 percent, or $62,000, to $683,000 for the three months ended June 30, 2014, compared to $621,000 for the same period in 2013. Average price per detached single-family finished lot decreased slightly, from $168,000 to $163,000, due to smaller average lot sizes sold in second quarter 2014 compared to second quarter 2013.”
Photo courtesy of The Woodlands Convention & Visitors Bureau