The J. Beard Real Estate Company and Toll Brothers home builders announced plans in September to develop a 600-acre master-planned community east of FM 2978 and south of Woodlands Parkway.
The community will feature about 900 luxury homes, with lots becoming available in early 2015, said Karl Mistry, division president for Toll Brothers.
"This acquisition reflects the thriving economic growth of the Houston market with the migration of large energy companies to the area and the expansion of the Grand Parkway," Mistry said.
Mistry said Toll Brothers wanted to capitalize on the demand for homes in The Woodlands area as the community nears the end of residential development.
"We looked at parts of town where we wanted to establish new developments, and we looked at The Woodlands area first," he said. "We saw that demand and saw the end approaching and started seeing what was next."
Mistry said the project will include other home builders and will feature a resort-style swimming pool and clubhouse. No name has been chosen for the development, but Mistry said a decision on a name would likely be made soon.
Homes in the new development will start in the $300,000s, Mistry said.
J. Beard Real Estate Company agent Diana Gaines, who brokered the deal, said the original tract, known as the Doughtie Parcel, contained about 500 acres and had seen multiple properties listed over the last eight years planned for residential development.
"We had lots of buyers looking at the property, and we were able to pick and choose," she said. "We focused on residential development, which was always the focus."
Gaines said the 500-acre parcel had been in the Doughtie family for about 170 years. Gaines and J. Beard eventually purchased additional tracts of land surrounding the Doughtie Parcel to provide access to existing and planned thoroughfares.
The property is bordered on the south by Spring Creek, and much of the parcel will remain undeveloped green space.
"Half of the property can't be developed [for home sites] and will remain parks and green space and will be for recreational use," Gaines said. "It is a very warm and inviting environment."
