Johnson Development venture buys land for Magnolia community planned for 3,700 homes
The new development will be Johnson's third master planned community in Montgomery County and second project with IHP Capital Partners following the completion of Veranda, a 590-acre community in Richmond. IHP Capital Partners is a real estate investment firm based in Newport Beach, Calif.
"The Magnolia community is a perfect follow-up to Veranda, a beautiful and successful master-planned community also located within the Houston area that IHP and Johnson completed together," said Richard Whiteley, co-president and chief operating officer at IHP Capital Partners."Our firms came together eight years ago and we are proud of the sustained partnership and relationships we've established.
Johnson Development's other Montgomery County communities are projected to be built out within four years at the current pace, according to Zonda, a housing information consulting firm. Woodforest, a 3,000-acre community at FM 1488 and FM 2978 north of The Woodlands, opened in 2009. Grand Central Park, spanning more than 2,000 acres on the former Camp Strake Boy Scouts land near Interstate 45 and Loop 336 in Conroe, followed in 2016.
The new Magnolia community will have a commercial corridor with shopping and dining along Texas 249 and land will be dedicated to a new school within the Magnolia Independent School District, according to Johnson Development. “The community will include an upscale amenity complex like those found in other Johnson Development communities," Smith said. “With very similar wooded terrain, this new community will be comparable to what has been developed in our community of Woodforest.”
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