As Hockley, a city located northwest of Houston, anticipates significant growth, a new development project is on the horizon following a substantial financial deal. Houston-based developer, Johnson Development, has secured a $41.8 million loan from First Continental to begin construction of a 1,000-home master-planned community. The Houston Chronicle reports this new development is planned for a 318-acre area along Grand Parkway, south of FM 2920.
The loan signifies the largest in First Continental's history and underscores the lender's continued partnership with Johnson Development – this marks their ninth joint venture. According to Houston Agent Magazine, the financing is sourced from First Continental’s newly established master-planned community fund, the project is expected to commence deliveries by the third quarter of 2025, with the project aiming to include over 1,000 homes together with 11 acres dedicated to recreational and amenity space.
"This property offers a prime location in a high-growth submarket with best-in-class homebuilders. We are excited to begin construction and continue to meet the demand for high-quality community development in Houston," Michael Cox, president of Johnson Development Services, told The Houston Chronicle. The upcoming master-planned community, yet unnamed, will join the roster of Johnson's projects in the Hockley area, where its Jubilee community has recently launched sales.
These construction initiatives come at a time when Hockley is experiencing a surge in the housing market, with the last 90 days seeing new home constructions account for roughly 76% of single-family home sales, demonstrating a robust demand within the local sector and so much so that the community, which falls under the jurisdiction of the Waller Independent School District, has seen a relentless pursuit of residential development with major projects also on the docket from developers like Ember and Taylor Morrison, with Johnson's developments are just a fraction of what's expected which is a collective estimate of roughly 11,800 new homes in the area that currently houses approximately 21,400 residents. Sales for these new homes are estimated to launch in 2026, with the homebuilders initially announced to include Drees Homes, Perry Homes, and Westin Homes.
Moving in line with the regional trends, the average home price in Hockley was noted at $327,453 in May, reflecting a more accessible point of entry into the housing market when compared to the average within Houston itself, which stands at $443,970. As the region braces for a significant expansion and influx of new residents, the anticipation for this new community is a testament to the sustained growth and appeal of the greater Houston area in the eyes of developers and prospective homeowners alike.
