Crosswell Sells Final Lots in Master-Planned Community
Allen Crosswell
PEARLAND, Texas – Houston developer Allen Crosswell, managing principal of NewQuest Crosswell, has completed the purchase of the remaining commercial tracts in Shadow Creek Ranch, the 3,300-acre master-planned community that is now nearing completion.
In the transaction, a partnership led by Crosswell acquired the final 63 acres of commercial reserves in Shadow Creek Ranch, marking the last divestment by the community’s original developer, Shadow Creek Development Co., headed by Carlo Ferreira of Las Vegas.
Residential construction in Shadow Creek Ranch began in late 2001. Originally planned for more than 6,000 single-family homes, the community benefited from steady buyer demand driven in part by its proximity—about 10 miles—to the Texas Medical Center. Shadow Creek Ranch is situated west of Highway 288, south of Beltway 8.
According to Brad LyBrand of NewQuest Properties, the Houston-based firm that has marketed much of the commercial land within Shadow Creek, home builders have now purchased the remaining residential lots. Shadow Creek Ranch includes a mix of retail, multifamily, and medical properties, with healthcare operators such as Memorial Hermann, HCA, HealthSouth and Kelsey-Seybold serving the area.
Crosswell has been a central investor in Shadow Creek Ranch, spending roughly $100 million on commercial land acquisitions in the community since 2004. One of his largest purchases was a 155-acre parcel along Highway 288.
The most recent acquisition adds a 30-acre tract at the northwest corner of FM 521 and Broadway Street, along with several smaller parcels fronting Shadow Creek Parkway.
The Crosswell–Ferreira partnership proved successful enough that the developers are moving forward with a new project in Colorado. The planned 3,000-acre Aurora Highlands community will be located south of Denver International Airport. As before, Ferreira’s organization will oversee overall land development while NewQuest Crosswell will manage the commercial reserves.
