WALLER COUNTY, Texas (Covering Katy News) — Houston real estate investment company Gamal Enterprises Inc. has sold about 300 acres to Century Communities, paving the way for hundreds of new homes north of Brookshire in Waller County.
The Colorado-based homebuilder plans to break ground on a 700- to 1,000-home subdivision in the first quarter of next year, according to Kareem Gamal, founder and owner of Gamal Enterprises.
The Houston Business Journal reports that the community will be near the intersection of FM 529 and FM 362. Additionally, 240 acres with frontage on both roads, located across from Dewberry Farm, is under contract with another homebuilder. Another 70 acres will be reserved for commercial development, and Gamal said his company is in discussions with national grocery store chains.
A few miles north on FM 362, Gamal is also planning an 838-home community with 22 acres of commercial development on 282 acres at the southeast corner of FM 362 and Cochran Road.
Gamal purchased the land from the Pfeffer family, longtime owners of the property. The Pfeffer family also owns 1,160 acres at the northeast side of the intersection, where Katy-based Rooted Development is developing Lakeview, a community featuring 107 estate homes on 1- and 2-acre lots.
Previously, Gamal sold two tracts — one 212 acres and the other 202 acres — along FM 529, next to Peregrine Estates, to The Woodlands-based homebuilder LGI Homes (Nasdaq: LGIH) and Sun Communities, a Michigan-based developer of manufactured-home communities.
Gamal cited proximity to the Grand Parkway and Interstate 10, along with rapid population growth, as reasons to invest in the area.
This section of Waller County, part of the Katy Prairie, has experienced increased residential development in recent years, with several master-planned communities either in progress or on the horizon.