US$15.3 million loan secured for Indian Springs community project in Texas
Construction is now set to begin in a community in Indian Springs, Texas after developers secured a $15.3 million loan. Trez Capital provided Windy Hill Development with the financing to build its 583-home, four-phase community in Texas. According to Trez Vice President John Sullivan, the project is a welcome addition to the growing Harris County area. Especially since it will help address the shortage of single-family homes and land in Texas.
For Phase I, the League City-based developer intends to bring 150 lots to the city by mid-2023. These will be followed by another 150 batches in the second phase, which will be delivered after approximately 24 months.
Development plans for the community of Indian Springs in Texas
The community of Indian Springs, Texas will be built on a 138 acres of land located south of Indiana Shores Road between Huffman and Crosby.
Co-founder Randy Hall said the community of Indian Springs in Texas is a replacement project for the Municipal Utility District, which developers sold off years ago. The Harris County Flood Control District had approached them for this, shortly after Hurricane Harvey struck and the bond issuance of more than $2 billion. After the sale, developers looked for a new site in the Crosby area. Hall said they made this decision because they anticipated the upcoming expansion on FM 2100.
Hall also mentioned that Miami-based Lennar Corp was contracted to build the homes on 40-by-120-foot lots. He also said homes would have a price range from $290,000 and up. In addition to accommodations, the Indian Springs community in Texas also offers walking trails, 3 acres of parkland, and an amenity center. The project is also zoned to the Crosby Independent School District.
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Currently, preparations are underway on the first two plots for the first two sections of the Indian Springs community. Hall said he was thrilled to have Lennar Homes on the project, to incorporate his famous Next Gen floor plan. In simple terms, it is a house within a house or a mother-in-law type suite.
Besides the community of Indian Springs in Texas, Windy Hill also has seven projects underway around the Gulf Coast region. These projects are located up to Huntsville and south to Alvin, Hitchcock and Needville. On top of all that, the developers are days away from buying a 400-500 acre piece of land in Liberty County.