A 50-acre development in Kyle known as Ky-Tex 50 could soon be under new ownership.

During a May 18 City Council meeting, Kyle officials approved a new development agreement from Meritage Homes of Texas LLC following the lapse of a previous agreement from developer Intermandeco GP LLC.

City documents state Intermandeco allowed the original development agreement from May 14, 2020, that was good for 365 days to lapse for unknown reasons.

Meritage Homes is now seeking to acquire the land and has agreed to follow the original development agreement with some modifications from the city that include required architectural features for the homes.

The property is largely zoned for single-family residential homes with the north and south ends zoned for community commercial buildings.

City documents state Opal and Roland lanes, which are within the future development, will be realigned from a right angle to a smoother S curve as part of the agreement.