TEXAS CITY, TX-Two Houston developers, eyeing high-density residential and commercial space, have acquired 412 acres near the Mall of the Mainland. The seller is Lazy S LLP of Muncie, IN.
Partners Tom Moughon and Joe Fogerty, operating as 412 Central Park Ltd., plan to develop the bulk of the land with single-family lots. Although details are not yet in place, they also are examining high-density residential and commercial product for the acreage along FM 2004 near the 152,000-sf mall. Confidentiality agreements have put the brakes on disclosing financial details for the transaction, but similar land deals in the area have brought $13,000 to $20,000 per acre.
Cushman & Wakefield of Texas Inc.'s John F. Littman tells GlobeSt.com that the land had been on the market awhile. "This was part of the old Maco-Stewart oil field," Littman explains, "and there were some loose ends to tie up on mineral rights in that regard." The C&W team included B. Kelley Parker III, H. Frank Stanley, David L. Cook, Jeff G. Peden, Marshall V. Davidson Jr. and Graham D. Horton.
Despite the complex paperwork, the land attracted many bona fide offers due to its location. "There's a lot of suburban growth going on in all parts of the area. Texas City has a lot of growth going on, especially commercial growth," Littman explains. A 3,200-acre tract is under development along nearby Interstate 45, an additional catalyst for residential and commercial development. "The area for residential and commercial is very healthy," he adds.
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