After serving as the managing entity behind the development of the Fairfield master-planned community since 1995, Friendswood Development Company has officially purchased the community from ExxonMobil.

Friendswood was originally part of ExxonMobil, but was sold to Lennar Corporation—a home-building company—in 1995 along with most of Exxon's Houston portfolio. Exxon chose not to sell Fairfield at the time, but immediately hired Friendswood to be Fairfield's developer.

Last year, Exxon decided to sell its remaining lots and land in Fairfield, said Tim Fitzpatrick, community development manager with Friendswood.

"We were the highest bidder," he said. "It made perfect sense. We're going to get the chance to finish what we started. We know the community better than anybody."

The initial purchase involved 146 lots that have already been platted. Friendswood will be acquiring the remaining undeveloped land in Fairfield in July, which provides room for another estimated 140 lots. The undeveloped acreage is located just to the east of where the next segment of the Grand Parkway is expected to come in.

Fitzpatrick said plans for the platted and undeveloped lots will resemble the rest of the Fairfield community. Lot sizes will be mostly 50 feet and 55 feet, but 39 80-foot lots will also be available.

Lennar Corporation has been tasked with building the 50-foot and 55-foot lots. Trendmaker Homes has been named to finish off a section of 80-foot lots in the northern part of Fairfield and is likely to work on another 80-foot program at a future site. Development will also include a small tract for commercial and retail use.

Home sites in the platted section are expected to be delivered to builders to start construction in April. The remaining land is targeted to be completely built out by late 2016, Fitzpatrick said.