LGI Homes, the #15 home builder in the nation, has purchased the existing 113 lots that are slab-ready in Summit Hill from Cothran Malibu, LP and will start building homes immediately. The news came at a press conference held at the Howe Development Alliance building on Monday morning at 11:30 am. Howe Mayor Jeff Stanley told the audience that to go along with the 113 new immediate homes, there are plans for 340 additional lots in Summit Hill as part of Phase II of the development.
The Summit Hill master-planned-development now consists of approximately 350 acres with almost a mile of frontage along U.S. 75 (Central Expressway). Cothran Malibu chose LGI to develop the existing single family lots due to their high degree of success of building quality housing in this market sector. The second phase of the Summit Hill single family development consists of approximately 78 acres with approximately 340 lots, which when added to the 113 existing lots would bring the total lot count to over 450 homes.
REX Real Estate (RRE), Rex Glendenning and Robert Wyman acted as the exclusive Brokers for both Seller and Purchaser for the Summit Hill project. RRE feels strongly that as the surge of new employment hubs such as CityLine in Richardson and Legacy West in north Plano occur over the next two to three years that many of these employees will be attracted to strong communities such as Howe, with affordable housing and great schools and a commute of 45 minutes to an hour from these job centers. These corporate relocations include Toyota, Liberty Mutual, FedEx, and J.P. Morgan Chase.
“We don’t hold press conferences everyday in Howe, Texas. But we felt something of this magnitude warranted a big announcement.” said Howe Development Alliance President Monte Walker. “Any time you have that many houses in one central location, it greatly improves the chances of being able to land commercial business, such as a grocery store, which the citizens desperately want. This goes a long way to help that process.”
“This is very exciting.” said Howe Mayor Jeff Stanley. “We at the City of Howe know that this is a special project and it took the right people with the right vision to see it through and we appreciate them.”
Walker said that the city and the real estate broker (Rex Real Estate) formed a great relationship which allowed everyone to pull in the same direction. “They did a great job of getting a great buyer for that property, but I also felt like they had us in mind when it comes to what works well for Howe right now and with an eye towards the future.”
