The local developer's acquisition is located along FM 2920 near Kuykendahl Road.Jeffrey B. Lokey of Houston's New Quest Properties represented the buyer. Keith Grothaus of Caldwell Watson spoke for the seller. Grothaus tells GlobeSt.com that the sellers of record 25.01 Ltd and 25.02 Ltd. are old limited partnerships of the Fred Caldwell Trustee. The acreage has been on the market for some time. Grothaus was mum on the selling price, but did say the asking price was $40,000 per acre, which adds up to about $2 million.
Ron Matthews, president of Conservative Investments, says the plans are preliminary, but he is divvying up the land so that a commercial strip would front FM 2920. He says he is toying with the idea of securing some abutting land for commercial development.
A single-family neighborhood is definitely on the drawing boards. Matthews says site work will begin in early 2003, with build-out starting in the summer. The plan is still so preliminary that a name and a builder have yet to be picked. Matthews did confide that he is looking at several national builders for the project.
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