The Fate of Bridgeland

Bridgeland is a very large master planned community located in Northwest Harris County in Cypress, Texas just Northwest of Houston. The development is a very large one covering almost the same land mass as the inside of Houston's 610 inner loop.

Recently, it was learned that General Growth Properties Inc., the developer, was filing for bankruptcy protection. I was curious about what that meant for the development itself. General Growth Properties is one of the largest retail shopping mall developers and owners in the country and residential development was only a small piece of their holdings.

I talked with an employee of Bridgeland who assured me that they were well funded for the next year and although a few of their builders have struggled of late, they still have a strong builder core and are still building in the sections they have already started. No new sections will likely be opened this year. I was also informed that two buyers had made offers to purchase the development from General Growth Properties and that one offer had been accepted. They are now in the due diligence period of the contract.

Although, he didn't give me a name, the employee said the buyer was already a well established developer in the area. It has now been reported by the Houston Business Journal that Caldwell Companies who is the developer of the nearby developments of Towne Lake and Rock Creek. The Houston Business Journal is also reporting that a Japanese firm, Sumitomo Corp., will have a large stake in the project.

For now, Bridgeland is still on track to ultimately build 20,000 homes for an estimated 65,000 residents. The project features many wonderful amenities such as nature trails, a large park with disc golf course, lakes for non-powered boating, and activity centers with pools, splash pads and tennis courts. The project will also ultimately have commercial retail property along the proposed Grand Parkway expansion.

To see pictures of the community, visit: http://www.bridgeland-cypress-tx.com/