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Exclusive: New master-planned community to launch northeast of Houston

Paul Takahashi ReporterHouston Business Journal

Madison/Foley LLC, a new joint venture between longtime developers, plans to launch a new master-planned community northeast of Houston.

Rick Wilkerson of California-based Madison Development LLC, along withMichael Bolin and John White of Texas-based White & Bolin Construction Inc., purchased 461 acres of undeveloped land off Foley Road, east of Lake Houston. The deal, brokered by Jared Fargo, closed in July.

The developers, who have built residential and mixed-use projects in California and Texas since the 1970s, will embark on Sundance Cove, the largest master-planned community proposed along the east shoreline of Lake Houston. The community is a relatively short commute to George Bush Intercontinental Airport and downtown Houston.

Sundance Cove will offer approximately 1,200 homes from the $200,000s to $400,000. Madison/Foley is in discussions with three large public homebuilders — Lennar (NYSE: LEN), DR Horton (NYSE: DHI) and Meritage Homes (NYSE: MTH) — to build the first phase of 450 homes, priced around the $200,000s to $250,000s, on 140 acres. The developer plans to break ground on the new community this summer and deliver its first lots in the third quarter of 2017.

 

Paul Takahashi covers residential and multifamily commercial real estate for the Houston Business Journal. Follow him on Twitter for more.