Real estate developer Johnson Development Corporation, based in Houston, has purchased a prime tract of real estate in northwestern Harris County. This deal was announced early in June. The 1,600-acre parcel was sold to Johnson by Rockspring Capital. Here are all of the details that have been released about this purchase.
Large Parcel of Shovel-Ready Land
This tract is bordered on the south side by the Katy Prairie Conservancy with access to Warren Ranch Road, Katy Hockley Road and Betka Road. The parcel totals 1,619 acres and is located close to the Grand Parkway and highway 290 – not too far from the Cypress market, making it ideal for a variety of different development projects.
Right now, Johnson Development Corporation has no plans to develop the site. However, Rockspring representatives did say in a statement about the purchase that much of the work to ready the land had already been done, including securing necessary entitlements and removing any barriers that might have stood in the way of development. This property was put together out of several parcels, starting with the purchase of roughly 1,000 acres in 2006. It took Rockspring another two years after that to buy the rest of the 1,600-acre tract.
One of the selling points, according to Rockspring, is that this land has little, if any, surface area mapped as part of a flood plain. The investment company says that the land has high yield potential and unlike other areas in Harris County, will face no major impacts from environmental factors.
About Johnson Development Corporation
For now, both Johnson and Rockspring have declined to comment on future plans for this land – but it is worth noting that Johnson Development Corporation is famous for designing and building master planned communities. Some of these communities are in the Houston area, including Woodforest, Sienna Plantation and Cross Creek Ranch. Woodforest and Cross Creek Ranch have been widely recognized nationwide, with Cross Creek ranking as one of the current bestselling MPCs nationally.
With that in mind, this land is positioned ideally for the future. Johnson Development Corporation will likely hold the land until demand is sufficient to develop a new MPC. With Houston’s economy growing as rapidly as it is, development of this property may happen soon!