Officials with Houston-based developer Land Tejas announced Oct. 3 the company has acquired 856 acres in Cypress with plans to build a 2,500-home master-planned community.
The community, which is yet to be named, will be located near the intersection of FM 529 and Fry Road, east of the Grand Parkway and near a Cy-Fair ISD multi-school site where Cypress Park High School opened in 2016. The community falls entirely within the boundaries of Cy-Fair ISD.
Land Tejas has a number of communities in the Houston area, including Miramesa, located off Fry Road in Cypress and north of where the new unnamed community is being planned.
“Demand for homes in the Cypress area has been phenomenal,” said James Henrie, Land Tejas Chief Operations Officer, in a press release. “This will be our fourth master-planned development in the area following the success of our Stone Gate, Canyon Lakes West and Miramesa communities.”
Financing for acquisition and development was provided by Trez Capital, and CBA Land Capital LP is the equity partner with Land Tejas for the purchase.
The first phase of lots is slated to be delivered in 2021, according to the release.