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Nov. 2, 2012

Crescent Buys 993-Acre Property for New Master-Planned Community

By Georgiana Mihaila, Associate Editor

Following the acquisition of 993 acres in northeast Houston, Crescent Resources L.L.C. revealed plans to introduce its residential division to the Houston market. The newly acquired land, just one mile from Lake Houston and 25 miles northeast of the city’s central business district, will accommodate a new master-planned community.

While planning is still underway, Crescent Resources envisions a community of as many as 2,259 single-family homes, 540 apartment homes, 50 acres for neighborhood retail and commercial uses, and a 40-acre site for a future school.

According to an official company statement, the community will feature several family-friendly amenities. “We are developing a plan that is uniquely suited to Houston and sets a new standard for a master-planned community in the market. Our plans will take a desirable location – close to major transportation options, terrific schools and jobs – and transform the property into a great place to call home,” said Steve Yetts, senior vice president of Crescent Resources.

Located 10 miles east of the George Bush International Airport, the Harris County property is in the Humble Independent School District, which was recognized by the Texas Education Agency for above-average standardized test scores and high graduation rates in 2010 and 2011. It is also within close proximity to the Sam Houston Parkway and Highway 59, as well as three miles south of Atascocita Town Center.

Charlotte-based Crescent Resources, a diversified real estate development and operating company, is no stranger to the Texas market; Crescent Resources is the developer of communities at the Twin Creeks Country Club and Rough Hollow, both near Austin. The company also developed Circle West Campus, an apartment community serving the students of the University of Texas in Austin. Earlier this month, in partnership with Dallas-based Taylor Duncan Interests Inc., Crescent acquired 250 acres for a new single-family residential community in Oak Point, Texas, just north of Dallas.

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