The J. Beard Real Estate Company and Toll Brothers home builders announced plans to develop a 600-acre master-planned community east of FM 2978 and north of Spring Creek.

The community will feature about 900 luxury homes, with lots becoming available in early 2015, said Karl Mistry, division president for Toll Brothers.

"This acquisition reflects the thriving economic growth of the Houston market with the migration of large energy companies to the area and the expansion of the Grand Parkway," Mistry said.

Mistry said the project will include other home builders and will feature a resort-style swimming pool and clubhouse. No name has been chosen for the development, but Mistry said a decision on a name would likely be made soon.

Homes in the new development will start in the $300,000s, Mistry said.

J. Beard Real Estate Company agent Diana Gaines, who brokered the deal, said the original tract, known as the Doughtie Parcel, contained about 500 acres and had seen multiple properties listed over the last eight years planned for residential development.

"We had lots of buyers looking at the property, and we were able to pick and choose," she said. "We focused on residential development, which was always the focus."

Gaines said the 500-acre parcel had been in the Doughtie family for about 170 years. Gaines and J. Beard eventually purchased additional tracts of land surrounding the Doughtie Parcel to provide access to existing and planned thoroughfares.

When marketing the property for sale, Gaines said the location was ideal for a residential community because of its proximity to Tomball, Spring, The Woodlands and Magnolia.

"Tomball will especially benefit from this community because it will be easier for residents to get to Tomball for shopping and eating needs," Gaines said.

The property is bordered on the south by Spring Creek, and much of the parcel will remain undeveloped green space.

"Half of the property can't be developed and will remain parks and green space and will be for recreational use," Gaines said. "It is a very warm and inviting environment."