Plans were unveiled at the Katy Area EDC General Assembly meeting on Tuesday August 12 by Clay Development & Construction for the development of two new business parks and construction of a 148,000 sq. ft. industrial spec building west of the Katy city limits. Clay Development has acquired the Stonegate Business Park (Stonegate) located east of Pederson Road between I-10 and US 90 and a 175 acre rail-served tract located north of US 90.

Clay Business Development Manager Charlie Christ made the presentation at the meeting. “We are developing Stonegate with a focus on distribution space from 17,500 sq. ft. to 148,000 sq. ft. on parcels from three to 25 acres and a total of 40 acres are available,” noted Christ. (more…)

New Housing Bill Spells Relief for First-Time Home Buyers, Non-Itemizers
Thu Jul 31, 4:50 PM

KANSAS CITY, Mo.–(BUSINESS WIRE)–President Bush signed into law Wednesday a weighty housing and economic recovery bill designed to encourage homeownership, revamp the housing finance industry and reduce foreclosures.

The Tax Institute at H&R Block reports that the legislation will have a positive impact on taxpayers by making it easier to buy a first home and deduct real property taxes even if homeowners do not itemize.

Refundable tax credit up to $7,500 available to first-time home buyers. (more…)

Formation Development Group Breaks Ground in Houston, Texas. 158 Unit Development to Bring Luxury Senior Living to Cinco Ranch in Katy, Texas.
Formation Development Group |

Houston, TX - Formation Development Group announces the ground breaking of The Solana at Cinco Ranch. When complete in the third quarter of 2009. the project will feature concierge services, mutiple dining venues, a wine bar, and a terrace club activity room, among other amenities. The development of The Solana at Cinco Ranch marks the first time that independent living for seniors, along with assisted living, is being provided in the fast-growing master planned community in West Houston. Its developer, Formation Development Group, says research shows strong demand by Cinco Ranch residents seeking luxury senior living accommodations for themselves or for their aging parents.

The Solana at Cinco Ranch will be located at 24001 Cinco Village Center Boulevard in Katy, Texas, next to LaCenterra, Cinco Ranch’s Main Street-styled center of shops, boutiques, and restaurants. It will offer 126 independent living and 32 assisted living rental apartments. (more…)

HOUSTON — (July 15, 2008) — Despite a tenth consecutive monthly decline in sales, the average and median prices of a single-family home in the greater Houston area soared to record highs in June, according to statistics released by the Houston Association of REALTORS® (HAR). Single-family home sales slid 14.7 percent on a year over year basis. However, the number of closed sales was the highest since last August.

The average price of a single-family home rose by 4.5 percent last month to $228,448, surpassing the previous high of $218,583 in June 2007. The median price of a single-family home rose 1.3 percent last month to $162,000, surpassing its previous high of $160,000, also from last June. (more…)

May 15, 2008, 12:28AM

Officials with the Texas Children’s West Campus will break ground today on the new West Houston/Katy hospital.

The $220-million, 490,000-square-foot medical complex will be built on 55 acres at Barker Cypress Road and the Katy Freeway.

Texas Children’s is building the medical facility in response to rapid growth in the Katy area.

The project’s first phase is an outpatient building scheduled to open spring/summer 2010 and will offer 15 pediatric specialty services.

The project’s second phase, scheduled to open fall/winter 2010, is an inpatient facility which will include a pediatric emergency room, 48 inpatient beds, surgical suites, and advanced imaging services.

In subsequent phases, 48 in-patient beds will be added.

By ZEN T.C. ZHENG
Copyright 2008 Houston Chronicle

Fort Bend County officials Tuesday approved the designs and project cost estimates for the expansion of three Katy-area roads despite two county commissioners’ concerns that the prices far exceed what voters had approved.

The three roads — Greenbusch, Katy-Flewellen and Katy-Gaston — are among 47 projects in the $156 million mobility bond package voters supported in May 2007.

Of those, 27 are in unincorporated areas and coordinated by the county, and the rest in the jurisdiction of municipalities. Ron Drachenberg, assistant county engineer, said the three Katy-area roads are among 17 county-sponsored projects under contract for design.

The expansion would rebuild a 2.7-mile segment of Greenbusch from Falcon Landing to Pin Oak, a 1.5-mile stretch of Katy-Flewellen from Katy-Gaston to Pin Oak, and a 1.7-mile section of Katy-Gaston from Cinco Ranch Boulevard to FM 1093 — all currently two-lane country roads with open ditches — as four-lane boulevards with divided medians, curbs and gutters. (more…)

May 1, 2008, 9:52AM

Retail center, rehabilitation facility and hotel set to open in ‘08

By KIMBERLY PIÑA
Chronicle Correspondent

As the city of Katy continues to attract more families and tourists, new businesses are responding to the population growth, and several construction projects are under way.

A retail center, a new nursing and rehabilitation center and the city’s second hotel are expected to open this year.

Plans are also in place to construct more business and professional buildings along the perimeter of Katy Mills mall, a hotspot for commercial growth. (more…)

Mar 27, 7:57 AM (ET)

By PAUL J. WEBER

DALLAS (AP) - Four Texas metropolitan areas were among the biggest population gainers as Americans continued their trend of moving to the Sun Belt in 2006 and 2007, according to Census Bureau estimates to be released Thursday.

Dallas-Fort Worth added more than 162,000 residents between July 2006 and July 2007, more than any other metro area. Three other Texas areas - Houston, Austin and San Antonio - also cracked the top 10.

Atlanta saw the second-largest population jump with just over 151,000 new residents. Phoenix was third with more than 132,000, and was followed by Houston, Riverside, Calif., Charlotte, N.C., Chicago, Austin, Las Vegas and San Antonio. (more…)

February 2008 Sales

Sixth consecutive monthly decline is tempered by notable increases in average and median single-family home prices

HOUSTON — (March 18, 2008) — Property sales across greater Houston slid for the sixth consecutive month in February, but the decline was not as steep as January’s. While February sales of single-family homes dipped, the prices of those homes rose, according to statistics released by the Houston Association of REALTORSâ (HAR).

Total property sales for February 2008 registered 5,266, which represents a 13.1 percent drop compared to February 2007; it’s an improvement over last month’s 17.2 percent fall. Properties sold during the month totaled just over $1 billion compared to $1.1 billion in sales one year earlier, a 7.9 percent decline. The average price of a single-family home rose 5.6 percent last month from February 2007 to $206,140, representing the biggest increase since last August. The median price of a single-family home increased 3.1 percent to $151,430. (more…)

Monday March 24, 10:44 am ET
By Martin Crutsinger, AP Economics Writer
Home Sales Rise Unexpectedly but Prices Keep Tumbling

WASHINGTON (AP) — After falling for six straight months, sales of existing homes posted an unexpected increase in February which may have reflected more aggressive price cutting by sellers in some parts of the country, a real estate trade group reported.

The National Association of Realtors said that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units. It was the biggest increase in a year and caught economists by surprise. They had been expecting a small decline.

The trade group reported that the median existing sales price in February fell to $195,900. That was the largest year-over-year drop on records that go back to 1999. (more…)