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Exxon effect benefitting homebuilders

 A local developer recently broke ground two miles south of the Woodlands on a 25-acre property he purchased two years ago in anticipation of a perfect storm.

That perfect storm involves thousands of Exxon Mobil Corp. (NYSE: XOM) employees relocating to a new campus near the Woodlands combined with a historically low inventory of single-family homes.

Like many developers, Jim Lemming, president of Houston-based Partners in Building LP, saw the storm brewing after Exxon announced it would build a 385-acre campus in the Woodlands area. And he jumped, buying property just two miles south of the master-planned community.

“The new Exxon campus was the sole motivation for us purchasing the land,” he said. “It was obvious there was going to be a demand for more single-family homes.”

Development has begun on the new neighborhood, called Stratton Woods, which will contain 40 single-family homes, starting around $650,000.

Exxon isn’t the only large employer moving to the Woodlands. Texas Children’s Hospital  recently broke ground  in the master planned community.

The Urban Land Institute Houston  awarded its first ever Vision Award for Exemplary Leadership to The Woodlands Development Co., a division of Dallas-based The Howard Hughes Corp. (NYSE: HHC), for the Woodlands Master Plan.

Jenny Aldridge covers real estate and construction for the Houston Business Journal.

Exxon Mobil's 385-acre campus in north Houston was designed around a central three-acre commons area modeled after public squares found in Europe and the U.S. Flowing from the square will be outdoor walkways and smaller courtyards.

  • Courtesy Exxon Mobil