(Read more on the multifamily market.)
HOUSTON-A local land developer has signed a contract to acquirethe last large development tract in northeast Houston. The escrowfor the 400-acre purchase is scheduled to close in May, opening thedoor for a $90-million to $120-million plan to add residential andretail space along Lake Houston.
Parke Patterson Land Development Inc. and a local real estateveteran, Jim Box, are under contract to buy land along West LakeHouston Parkway near Beltway 8 from the McAlister Co., also fromHouston. The as-yet unnamed development will consist of townhouses,up to 15 acres of retail and single-family dwellings. When the dealcloses, the buyer will begin developing single-family lots to sellto homebuilders. The project is being billed as a "green" one dueto a design aimed at reducing energy and water usages.
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