Toll Brothers Moves Forward with Master-Planned Community Next to The Woodlands
- Aug 21, 2014
By Liviu Oltean, Associate Editor
A new master-planned community is in the works west of The Woodlands. Developed by the renowned Toll Brothers, the community will be spread across 600 acres along FM 2978, according to the Houston Business Journal.
Jim Jenkins, Toll Brothers’ vice president of master-planned communities, told the same source that approximately 40 percent of the homes will be developed by the company, the rest being available to other homebuilders and developers.
In the first phase, Toll Brothers is planning on developing 160 lots of different sizes, ranging from 60 to 85 feet, the latter to be included in a gated community. Amenities include a 6,000-square-foot community center with a pool and fitness center and 15 acres of commercial property. With prices ranging from the mid-$300s to the mid-$600s, pre-sales are slated for early 2015.
“We recently celebrated our 46th anniversary – that’s quite an accomplishment anytime, but especially today. Although the last few years have been marked by economic challenges for so many, we have always been confident that Toll Brothers would remain strong. And it has,” declared Douglas C. Yearley, Toll Brothers’ CEO, for Toll Lifestyle Magazine.
In 2010, at a time when most real estate companies were reporting catastrophic quarterly losses, Toll Brothers Inc. declared a profit of $800,000. As our contributing editor Dees Stribling commented back then, it represented a thin profit, but for that period, anything was better than a fat loss.
Last week, we reported that there is considerable real estate commotion around The Woodlands. Howard Hughes Corp. just acquired 2,000 acres of land just north of The Woodlands for residential development. As the trend suggests, developers are showing more and more interest in the neighborhood of The Woodlands as its developable space is decreasing and demand remains just as high as before.