A group of Houston developers has purchased 89 acres at the Grand Parkway and Kingsland Boulevard in Katy, and plans on building a medical, office and retail complex on the site.
Vista Equities Group and Vista Private Equity Group LLP announced the acquisition Thursday and said they will call the development The Reserve.
“This is one of the few prime tracts of land remaining between I-10 and the Westpark Tollway with Grand Parkway frontage,” said Brent Mann, a partner in Vista Private Equity Group. “With the pending completion of the Kingsland Boulevard extension to Katy Mills mall west of Grand Parkway, along with the tremendous growth taking place in the area, the site offered an excellent development opportunity.”
The Vista groups did not disclose a purchase price, but said the land transaction was completed in August.Installation of utilities and streets is scheduled to begin by the first quarter of 2008.
Acquisition and development financing was handled by Amegy Bank Senior Vice President Marc Dunmire, the developers said. Dennis Johnston of McDade Smith Gould Johnston & Mason represented the buyer in the transaction and Stan Creech of Stan Creech Properties Inc. represented the seller.
Vista Equities Group is part of the Vista Companies, a Houston real estate services group led by developer Woody Mann. Vista Private Equity Group is a Houston private equity and real estate development firm led by Greg Houghtaling, Kurt Keene and Brent Mann.
Vista Equities Group recently completed Phase I construction at LaCenterra at Cinco Ranch, a mixed-use “town center” development. Phase II construction is expected to start before year-end, the development groups said in a statement. Once complete, Vista Equities Group said it will have invested more than $140 million in the 700,000-square-foot development.
