What do Caldwell Companies, the Heritage Homeowner’s Association and Harris County MUD 501 all have in common? They are presently working together to bring about one of Towne Lake’s newest residential development projects which will be located along the south shoreline of Towne Lake, adjacent to the Heritage, Towne Lake’s prestigious over 55 active adult community. This development will eventually result in ninety-two new homes being added to the Heritage. But there’s an interesting back story on how this all came about.
So, what makes this project unique from others within Towne Lake? First of all this particular tract of land was originally owned by Lone Star College, but after several years of discussion and negotiations Caldwell Companies purchased it in 2019. Acquiring this valuable piece of property on the lake was a win for Caldwell Companies.
But what about the other entities involved in this project? Under Lone Star’s ownership MUD 501 received no tax revenue for the property. Once Caldwell Companies fully develops the property, MUD 501 (which will build, own and maintain the water, sewer and drainage facilities) will receive a new stream of tax revenue that should help to reduce the tax rate for all MUD 501 tax payers over the long term. A win for MUD 501 and its taxpayers.
After the property was acquired, Caldwell Companies began a discussion with the Heritage community to annex this property into its boundaries. Caldwell Companies felt residential land use harmonious with the Heritage was the best use of the land. This was not a simple exercise as any type of annexation requires approval from a vote of Heritage residents. There were many questions presented by Heritage residents to both Caldwell Companies representatives and the Heritage HOA board, and after several community wide meetings the residential vote passed decisively and the annexation was approved. These new homes will be good for the Heritage for several reasons, including the addition of a new set of neighbors and additional HOA fees that can be used by the Heritage for improvements or HOA fee reductions. A win for Heritage residents.
The land plan for the property has been submitted for approval from Harris County and the City of Houston, streets have been named and infrastructure construction activities should begin soon with new home construction following in the first quarter of 2021. This is a win-win-win for all of the entities involved, and a great example of how focused leadership and teamwork can help continue making Towne Lake the premier residential community in Cypress, Texas.