One of the Houston area’s largest tracts of land is under contract for purchase in 2023.
CBRE most recently listed the 4,750-acre site with an asking price of $117.1 million. The potential master-planned community, Foster Farms, has the potential for 6,500 single-family lots and 1,296 multifamily units. Approximately 1,700 acres of the development will be exclusively for parks and recreation.
Neither the buyer nor the seller are disclosed in the listing, but details are set to be released by next Spring, according to CBRE Senior vice president Ed Cummins, a broker on the deal.
The plot of land sits off FM 359, a secondary road, but the construction of a new Texas Heritage Parkway connecting Route 10 to the planned community is included in the development.
Fort Bend County, a fast-growing suburb of Houston, is home to a number of expansive undeveloped plots recently targeted by investors and developers from across the country. Fort Bend has the most active housing submarket in the greater Houston area with the lowest availability of housing
The growing county has the highest percentage of college graduates in the Houston metropolitan area and is the most diverse community in the U.S., according to CBRE’s listing.
The project is adjacent to the site of an 18th century pioneer Texas community named after the historic Foster family. It has long been considered by local homeowners to be an unincorporated community, but the influx of jobs and housing demand has breathed new life into the area.
To prepare the long-neglected land for the master-planned community, the developer has created five municipality districts and has already been approved for a levee project, according to the listing.
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