The currently unnamed development represents the largest land sale in Montgomery County to date in 2021, the release said.
The land was bought with the future extension of Hwy. 249, also known as the Aggie Expressway, in mind, the release said. Segment 1B of the project, which will eventually connect Houston to College Station, was completed in March, Community Impact Newspaper previously reported.
“The Aggie Expressway is the driving force for land sales in the [Hwy.] 249 corridor,” said Joe Burke, vice president of NewQuest Properties’ Land Advisory Group, in the release. “This property was bought by an investor who saw the long-term growth trajectory.”
Infrastructure work is slated to begin in late 2022 with 1-3 acres of single-family development sites to begin construction first on the eastern side of the property, according to the release. The land fronting FM 1486 is reserved for commercial development.
NewQuest brokers said in the release they anticipate the Hwy. 249 corridor to be their focus for the future because of the growth and development potential associated with the extension of the Aggie Expressway, which is anticipated to be completed in 2026.
“This was a high-water point for us in 2021. We’re seeing a lot of opportunities in the [Hwy.] 249 corridor and vying for several other tracts” said Rob Whitaker, another vice president of the Land Advisory Group at NewQuest Properties, in the release.
