Paul Takahashi | Houston Business Journal
The Grand Parkway extension is driving new development north and west of Houston.
In summer 2013, Houston-based Zachry-Odebrecht Parkway Builders broke ground on a 38-mile segment of State Highway 99, from U.S. Highway 290 to U.S. 59 north. When finished, the last stretch of the Grand Parkway — Houston’s third outer transportation loop — will connect the outer suburbs from Katy through The Woodlands to Kingwood.
The $1.1 billion Texas Department of Transportation project has fueled job creation as well as new homes, offices, mixed-used projects, hospitals and other development in previously inaccessible land across northwest Houston. As developers snatched up large parcels for projects big and small, the flurry of new development has created a new north submarket, dubbed the second Energy Corridor. Industry experts and observers have called the Grand Parkway a “gamechanger” for Houston real estate.
Here are some of the major real estate deals and projects that were announced along the Grand Parkway in 2014:
- Chevron Corp. (NYSE: CVX) purchased 103.2 acres off of Grand Parkway and Clay Road in Katy. The San Ramon, California-based energy company hasn’t disclosed final plans yet, but intends to build several research and development facilities on the land as it expands in Houston.
- Houston investors John Beeson, John Stephen Ford Sr. and Steven Webster bought 621 acres off of the Grand Parkway near Interstate 10 in Katy for possibly residential projects.
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