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 it was sold to Lennar Corporation in 1995 along with most of Exxon's Houston portfolio. Exxon chose not to sell Fairfield at the time, but it hired Friendswood to be its 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 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 planned. Friendswood will be acquiring the remaining undeveloped land in July, which provides room for another estimated 140 lots. The undeveloped acreage is just to the east of where Segment F-1 of the Grand Parkway is expected to come in.

Fitzpatrick said homes on undeveloped lots will resemble the rest of the Fairfield community. Lot sizes will be 50-foot, 55-foot and 80-foot sizes.

Lennar Corporation will construct the 50-foot and 55-foot lots. Trendmaker Homes will finish off a section of 80-foot lots in the northern part of Fairfield. Development will also include a small tract for commercial and retail use.

Home sites will be delivered to builders on the newly planned section in April. The remaining land is targeted to be completely built out by late 2016.