HOUSTON – (Realty News Report) – Empire Continental Land has purchased 221 acres in Magnolia to develop a new single-family community in the northwestern suburbs of Houston.
Situated at FM 1488 and Iron Ore Road, this community will be Empire’s sixth development in the Houston area and its eighth in Texas. The parcel was acquired from Hydie Mcallister and Kareem Gamal of MAG Partners LLC, with Jeff Lokey of NewQuest Properties representing the seller.
“Magnolia is a growing area with quick access to State Highway 249 and the Grand Parkway,” said Steve Sellers, President of Empire Continental Land. “We look forward to expanding into this part of the Greater Houston market and creating a distinctive community that sets a new standard for development here.”
Empire plans to build more than 700 homes in the community, with construction expected to begin in 2022.
Home-building activity was strong in the Houston area in 2020 as low mortgage rates attracted many buyers. The expansion of remote work during the pandemic enabled homebuyers to consider more distant suburbs and exurbs because daily commutes became less of a constraint. Even after the pandemic, many employers are expected to maintain greater flexibility, supporting continued demand in suburban markets.
In recent years, Empire, part of a Canadian parent company, has made substantial investments in Houston, which ranks just behind Dallas as one of the nation’s top homebuilding markets.
Empire’s active Houston-area communities include Dellrose in Hockley, Coastal Point and Hidden Lakes in League City, and Katy Trails in Katy. The company also developed Sommerall Park in west Houston.
In late 2020, Empire announced the purchase of 525 acres near Hutto for its second Austin-area community. The company also developed Lakeside at Lake Georgetown.
Empire Continental Land serves as the U.S. land division for Canadian-based Empire Communities, which has built more than 20,000 homes and condominiums over the past 25 years in the Toronto and Southwestern Ontario regions. Empire currently has more than 2,000 acres and approximately 6,300 homesites under development in the United States.
Feb. 5, 2021 Realty News Report. Copyright 2021.
File: Residential Developer Buys Land
Image: Courtesy Empire
File: (2) Magnolia. Empire Continental Land. Residential Developer Buys Land at FM 1488 and Iron Ore Road. 2021. Hutto. Georgetown. MAG Partners.