The Woodlands continues to be a place of interest in the commercial real estate industry, which is hardly a surprise when one considers the continued developments in the area. The Woodlands Development Co. has outlined plans for an incredible new neighborhood on the 22-acre Mitchell Island, which is located right in the middle of The Woodlands. According to Paul Layne of Howard Hughes Corp, Mitchell Island will be the location of 19 single-acre lots and you won’t believe how expensive they will be!
It is clear that these one-acre lots will only be for wealthy clients, since the cost will range from $1.5 million to $3 million for the land alone! George Mitchell, co-founder of The Woodlands, had a plan more than 20 years ago, which involved using the island as a location for the HQ of Mitchell Energy & Development Corp. Mitchell launched The Woodlands in 1974 but did not create the lake and island for more than a decade afterwards. While the company never actually took up residence in the island, it did make an announcement in 2005 to the effect that the island would be set aside for residential development in the future.
In simple terms, Mitchell Island will be the most exclusive address in one of the most coveted areas in the state of Texas, which explains the lofty price tag. At this moment in time, the developer is creating a bridge that will connect the mainland to the island. There is even a pier being built, which will ultimately have boats that carry residents to Hughes Landing.
Given the cost of the land, it seems as if it will be marketed to The Woodlands residents looking to upgrade or buyers eager for a fancy new address. As things stand, The Woodlands is coming towards its build-out limit and there are an estimated 2,600 lots left. Despite the record high prices being asked for land in The Woodlands, it is selling fast and there will probably be no more left to sell by the beginning of 2017.
When East Shore was initially announced in the 2000s, it seemed as if developers were planning to transform Mitchell Island into a clubhouse for residents of East Shore to enjoy, while a few commercial buildings were to be placed there as well. However, now that Hughes Landing has been constructed a few hundred yards away, there are multiple office buildings, and the East Shore Clubhouse, it was deemed necessary to change the plans somewhat.
If you are interested in relocating to Houston, want to make a positive first impression and can afford it, a lot on Mitchell’s Island will automatically place you among the elite. When the project is finally completed, it will be an incredible achievement and the owners of the land on the island will be the envy of their competitors. Imagine being a stone’s throw from golf courses, your workplace, and an array of fine dining and entertainment options. If you live on Mitchell Island, all of that will be yours and much more.
Copyright © 2017 Bobek Realty Group, LLC. All rights reserved. XML Sitemap