Friendswood Development, a division of Miami-based Lennar Corp., has developed master planned communities across suburban Houston since 1962. But now, the Houston-based company will enter a new market: urban Houston, reports Houston Business Journal staffer Paul Takahashi.
Friendswood Development purchased Knoll Park in spring 2015 and is under contract to purchase an adjacent three-acre parcel to expand the site. The deal is expected to close in December.
Lennar Homes plans to build 106 patio homes in the gated community. The three-story homes will be priced from the $390,000s to $420,000s. The community will feature a central park with green space, a pond and fountain as well as a dog park.
“This is our first real foray into urban redevelopment,” said John Hammond, president of Friendswood Development. “I’ve always wanted to do it, but this wasn’t a big enough market for us before. We’re going to learn how to do it right and are going to do this for the long haul.”