The hedge fund manager who scored big gains betting against U.S. housing has spent $90 million buying undeveloped property in the Lone Star State.
Texas’s boom has spawned plenty of projects to offset. The state’s economy is powered by hubs like the Permian Basin and the sprawl of petrochemical manufacturing facilities along the Gulf Coast, plus its own power grid and the longest stretch of interstate highway.
Bass’s vision presumes that ESG mandates are here to stay, said Charles Gilliland, an economist at Texas A&M’s. Yet the idea, in both principle and practice, is becoming increasingly politicized. Texas itself has been at the fore of the backlash, threatening to blacklist asset managers that divest from fossil fuels.
Chocolate Bay Conservation, just west of Galveston, is a 5,403-acre tract that serves as an ecological bridge between the Chocolate Bay Preserve to the east and the 44,413-acre Brazoria National Wildlife Refuge to the west.Despite the global bent of Bass’s previous interests, he insists his new venture is a logical extension of the skills he honed on Wall Street.
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