Karl LeBlanc Mortgage Loan Corner

LeaderOne Financial 

Karl LeBlanc

281-298-5322

 Tuesday, October 18, 2011

 11:03:15 AM

Nearly 300 acres near Kingwood has been purchased after a foreclosure by a company that plans to restore a project once slated for the Montgomery County tract.

The new owner, WR Forest, is essentially picking up where the former owner left off.

The property, known as the Woodridge Forest develop-ment, was previously owned by Kimball Hill Homes and Terramark Communities. Kimball Hill, a Chicago-based builder active in the starter home market, filed for bankruptcy in 2008, and the property was never developed.

About 800 lots will be built on the site, which is east of U.S. 59 along Northpark Drive next to Kingwood. St. Martha Catholic Church and Woodridge Baptist Church own large parcels nearby where new facilities are under way or planned.

New homes are expected to be available in the spring of next year, said Harry Masterson of Cernus Development, which is managing the development for the land owner.

While the area's housing market is still in recovery mode, Masterson said, there's been little new development on the east side of U.S. 59 and builders are getting nervous about having enough lots to develop once demand returns. He also said the time it takes to develop lots could get longer based on proposed regulatory changes by the U.S. Environmental Protection Agency.

"We've seen builders get more aggressive about positioning," he said.

The property was purchased from Wells Fargo. Holliday Fenoglio Fowler marketed the site for the lender.

Masterson said homes in Woodridge Forest, which lies in the New Caney school district, will average $250,000.