The 1,600-acre site is located outside of the Grand Parkway and south of Hwy. 290.[/caption]
Johnson Development Corporation, a residential and commercial real estate developer headquartered in Houston, has purchased 1,619 acres of land in northwest Harris County for an undisclosed amount. The land was sold by
Rockspring Capital, who announced the deal in a
statement released yesterday.
The tract is located outside of the Grand Parkway, south of Hwy. 290 and north of the Katy Prairie Conservancy, between Katy Hockley and Warren Ranch roads.
Officials with Johnson Development confirmed the acquisition, but did not provide any details on when it could be developed and what it could be turned into.
The company has developed master-planned communities throughout the Greater Houston area—including Sienna Plantation, Woodforest and Cross Creek Ranch, which was named one of the top 25 selling master-planned communities in the U.S. in 2016. A master-planned community at this site would be Johnson Development's first in the northwest Houston area.
In the statement, Rockspring officials said the deal was one of the largest in the Houston area since the oil slump.
"During our hold period, we solved many of the development and entitlement issues and were able to bring this property to market ready to develop,” said Michael Ross, Rockspring’s vice president of asset management and entitlements. “We evaluated several offers from master plan developers in the market and were very impressed with Johnson Development’s reputation and financial backing.”
The 1,600-acre site is located outside of the Grand Parkway and south of Hwy. 290.[/caption]
Johnson Development Corporation, a residential and commercial real estate developer headquartered in Houston, has purchased 1,619 acres of land in northwest Harris County for an undisclosed amount. The land was sold by Rockspring Capital, who announced the deal in a statement released yesterday.
The tract is located outside of the Grand Parkway, south of Hwy. 290 and north of the Katy Prairie Conservancy, between Katy Hockley and Warren Ranch roads.
Officials with Johnson Development confirmed the acquisition, but did not provide any details on when it could be developed and what it could be turned into.
The company has developed master-planned communities throughout the Greater Houston area—including Sienna Plantation, Woodforest and Cross Creek Ranch, which was named one of the top 25 selling master-planned communities in the U.S. in 2016. A master-planned community at this site would be Johnson Development's first in the northwest Houston area.
In the statement, Rockspring officials said the deal was one of the largest in the Houston area since the oil slump.
"During our hold period, we solved many of the development and entitlement issues and were able to bring this property to market ready to develop,” said Michael Ross, Rockspring’s vice president of asset management and entitlements. “We evaluated several offers from master plan developers in the market and were very impressed with Johnson Development’s reputation and financial backing.”
