One of the first land sales by an 80-year-old charitable foundation is set to result in a 4,000-home, master-planned development outside Houston in Fort Bend County, Texas.
Johnson Development held a ceremonial groundbreaking recently at the 1,500-acre site it acquired last year from The George Foundation. The first phase of the project at Minonite and Koeblen roads in Thompsons, Texas, will include 319 lots, but prices for the houses have not been released because model homes won't open until next year, the company said.
The community will be named The George in honor of the George family and philanthropists Albert and Mamie George, who started the foundation in 1945.
The Houston metropolitan area was the nation's second-fastest-growing region between 2023 and 2024, with more than 198,000 new residents, trailing only New York-Newark-New Jersey, according to U.S. Census figures released last month. Developers are searching for land to meet housing demand across the Lone Star State.
Fears of an economic recession could affect the launch of Johnson's development, but it will take many years to build it out, according to Brad Hunter, head of Hunter Housing Economics, a consulting firm based in West Palm Beach, Florida. This week, JPMorgan increased its estimated risk of a global recession to 60% after President Trump said the U.S. would implement a 10% tariff on all imported goods after previously announcing other trade taxes.
"I wouldn't be surprised to see challenging months ahead for the builders, but with 4,000 units, there's considerable amount of time to get this project fully planned," Hunter said in an interview. "The next recovery probably will be happening when this development is selling homes."
The George Foundation said it is selling land holdings to fulfill IRS charitable distribution requirements. As a private foundation, Richmond, Texas-based George must distribute 5% of its total assets annually.
It expects to award hundreds of millions of dollars to nonprofit partners and local scholarship recipients over the next century, according to foundation board member Ruthanne Mefford.
“This transaction underscores our long-term commitment to supporting the citizens of Fort Bend County by ensuring we have the liquid assets we need to fulfill our charitable mission,” she said in a statement.
Johnson, a Houston-based commercial and residential developer, said it plans to announce a roster of homebuilders for the development this year. Lot sizes in the first phase will range from 40 to 60 feet, the company said.
It would be Johnson's ninth project in Fort Bend, where it has nearly 26,000 acres under development. Johnson's other Fort Bend projects include the 10,800-acre Sienna in Missouri City.
