J
ohnson Development and McGrath Real Estate Partners are expanding their residential offerings in Hockley and Mont Belvieu with new master-planned communities. The Houston Chronicle reported that these projects will see nearly 600 residential units constructed in their next development phases. Johnson Development, a Houston-based developer, is behind the health- and wellness-focused Jubilee community, which is set to launch the Elation neighborhood this fall. Located about 35 miles northwest of downtown Houston, Jubilee's next phase will add nearly 300 lots to the development, following Radiance, the community's first neighborhood, which began sales earlier this year with 491 lots. Upon completion, Jubilee will feature 4,900 homes, offering health-centric living spaces designed to meet the International Well Building Institute’s standards. Chesmar Homes, Coventry Homes, David Weekley Homes, and Tri Pointe Homes are among the community's builders, and homes will start at around $320,000 for properties ranging from 40 to 60 feet.
Meanwhile, in Mont Belvieu, McGrath Real Estate Partners has started the second phase of development in Riceland, a 1,500-acre community about 35 miles northeast of downtown Houston. The second phase of Riceland, which includes 311 lots across 138 acres, is being financed by a $40 million investment from Vancouver-based mortgage lender Trez Capital. Riceland's second phase will feature the Lakehouse Recreation Center and the two-acre Sweetgum Park, a welcome addition for any community that plans to eventually house 4,500 homes. Phase two will offer homes near the Eagle Pointe Golf Course. The development's first phase, comprising 417 lots, started sales in February. Riceland's builders, including Highland Homes, David Weekley Homes, and Perry Homes, offer properties starting from the low $300,000s to the upper $700,000s. The full Riceland project is expected to take 15 to 20 years to complete, according to Barrett Kirk, McGrathy's chief investment officer. Residential construction in Greater Houston has increased 32 percent this year amid the influx of residents from other states and a strong economy.
