1. Smaller lots cater to first-time homebuyers


The developer of Veranda, a master-planned community at Williams Way Boulevard and Veranda Trails Parkway, is catering to the first-time homebuyer by planning to build homes on smaller lots.


“As developers, what we have seen over the years is we are not really catering to that first-time homebuyer,” said Trey Reickert, vice president of development for Veranda, a Johnson Development community that opened this spring.


The community will offer just under 2,000-square-foot town houses priced from $200,000-$300,000 on its 2,000-home, 589-acre property. Designs for the 54 town houses will be complete in July for construction to begin, Reickert said.


He said Veranda had already planned on catering to the first-time homebuyer, but the economic downturn in 2016 reinforced that plan because builders had to adjust to what buyers were willing to spend.


“Last year, when oil prices were real low, what we were finding was that builders were really having to cut their margins down to really get that affordable buyer and affordable plan that people wanted to buy,” he said.


Reickert said, for instance, buyers who would normally spend $350,000 on a home scaled back to a $300,000 purchase.


“I know for years affordable was considered something in the $100,000s to $200,000s and then four or five years ago, home price appreciation really hit the Texas region, and it was rare to find a good quality home for under $300,000,” he said. “Now, the builders themselves are really starting to take that into account in offering more sort of standard features, maybe not upgrading everything in a home, and are able to really save costs to drive that price down.”


In addition to smaller, more affordable houses, Reickert said the other trend developers are seeing is buyers who want homes with layouts that will accommodate multigenerational families.


“It’s not just husband and wife and kids living in these homes anymore,” he said. “We’re finding a lot more you’ve got mothers and fathers moving in with the kids.”







2. Multifamily housing pops up around Richmond


Class A multifamily units in the Richmond area have become more abundant over the last several years as developers cater to residents’ desire for convenience.


Among the newest complexes built since 2014 are 7970 Grand, Grand Mason at Waterside Estates, Encore Grand Mission, Echelon on 99, Advenir at Grand Parkway West and Parkside Bella Terra.


Tim Shaughnessy, vice president of development company Oden Hughes, which developed Parkside Bella Terra, said in an email the company was drawn to the quality schools and proximity to retail and employment centers.







3. Mixed-use development in progress


Developers are seeing Richmond as ripe for mixed-use developments that combine live, work and play.


Waterview Town Center, located at the Grand Parkway and Grand Mission Boulevard, opened Echelon on 99—a 256-unit apartment complex—in June 2016. The retail component is following the housing portion of the project.


Read King Commercial Real Estate announced in late June that At Home, a 100,000-square-foot design store, is due to open by the end of October.


When complete, the 130-acre development is expected to have a mix of multifamily housing, retail and restaurants.


District West, another development at Westpark Tollway and the Grand Parkway, is also looking to capitalize on the Richmond housing market.


The mixed-use development is planned to have a mix of retail, restaurants, entertainment venues, office space and medical space.


Star Cinema Grill, a 12-screen theater, is expected to be complete in spring 2018, said Bobby Ferguson, vice president of family-operated District West at Parkway Lakes LTD. The development is also expected to include a number of unique restaurants.







4. City explores annexation options


The city of Richmond is taking advantage of new provisions in the City Charter to pursue annexation of the city’s extraterritorial jurisdiction—or unincorporated land outside the city limits that Richmond has the legal right to annex. Under the old charter, the city was only able to annex land if a landowner petitioned to be annexed, Richmond Mayor Evalyn Moore said.


“We have 42 square miles of land around Richmond that you could say could be available for annexation,” Moore said. “What we are in the process of doing now is a strategic annexation plan, so we will be looking at just which areas we want to start annexing.”


Moore said the plan should be complete by the end of the year.


“[Annexation] brings the city more sales tax revenue, and with the increased revenue, we’re able to lower city taxes,” she said. “We’ve been able to lower our city taxes now for about nine straight years.”







5. Retirees, empty nesters find niche community in Richmond



The Del Webb Sweetgrass community is catering to the growing senior population in Richmond. The 1,500-home development catering to residents age 55 and older, is about 70 percent complete.


U.S. Census Bureau data estimates show residents age 62 and older in Richmond are estimated to make up 17.5 percent of the city’s population in 2015 compared to 12.2 percent in 2000. In Fort Bend County, residents age 62 and older made up about 11.9 percent of the population in 2015 versus 7.2 percent in 2000.


“Just finding a nice home to downsize, you have to find it in the ’burbs because there’s just so little available [in Houston]. So I think that’s another reason why people are driven to Richmond, Rosenberg, Katy and Fulshear—because they just can’t find what they want inside the Beltway area,” said Christi Borden, a Realtor with Better Homes and Gardens Real Estate Gary Greene and board member of the Houston Association of Realtors.


Del Webb Sweetgrass is not the only option for seniors in Richmond.


Clayton Oaks Living, an assisted-living facility, is already open. The Delaney, an age 55-plus apartment community, is also under construction.