The Woodlands Edition | July 2023

2023 HOME EDITION

EXPANSION Expectations

facilities have also opened or are planned in the nearby communities. Multifamily options Multifamily dwellings are also on the way east of I-45. One community planned by Sueba USAImperial Oaks Square—will oer luxury apartments priced at the higher end of market value, real estate develop- ment manager Nathan Smith said. The three-story apartment complex will oer 269 units next to the lake with leasing to start next summer. The property is the rst the company is oering in The Woodlands area, he said. Based in Houston, Sueba USA has multifamily properties throughout the region. Smith said the complex will feature two dog parks, two pools, a clubhouse and conference center. Imperial Oaks Square will be the initial phase, with additional multifamily oerings to follow with another 308 units, he said. Together, the apartments will provide another 577 units. Smith said the apart- ments will be priced at market rates for higher-end apartments at the time they begin leasing, but pric- ing has not yet been determined. “We build to the top of the market for lease and rental rates,” he said. Adam Perdue, a research economist with the Texas Real Estate Research Center at Texas A&M University, said growth in Montgomery County out- side of The Woodlands is inevitable as The Wood- lands is essentially built out as far as single-family homes. However, he said he believes the commu- nity is attractive as an employment center. “The way I categorize the growth of the Greater Houston area is an amoeba just spreading down the freeways, coming out east and west from The Wood- lands,” Perdue said. “The Woodlands has a strong presence in Houston and in the global economy.”

PAST AND FUTURE GROWTH:

1314

5-MILE RADIUS Historical growth 2010-23: 5.3% Projected annual growth 2023-28: 2.7%

for the area around Imperial Oaks where the Grand Imperial Marketplace shopping center is planned show about 15,000 more people are expected to live in a 5-mile radius in the next ve years. Demographic information was provided through a report prepared by Fidelis from private and governmental sources, such as census block groups.

99 TOLL

IMPERIAL PROMENADE DR.

1-MILE RADIUS: 2023 population: 2,592 2028 population: 2,765

3-MILE RADIUS: 2023 population: 50,344 2028 population: 56,938

5-MILE RADIUS: 2023 population: 108,811 2028 projection: 123,276

SOURCE: FIDELISCOMMUNITY IMPACT

Beth Ferester, an agent with Corcoran Ferester Realty, said east of I-45 is the main area for new development in the region, and although some homes are priced at $1 million or more, the region does oer some options for those looking for homes in The Woodlands area under $500,000. “New home developments are popping up like crazy,” she said, referring to areas east of I-45 as far as Porter. “[It’s] the only possible growth we can have.” Building community Imperial Oaks, which consists of the neighbor- hoods The Meadows at Imperial Oaks, Imperial Oaks Park and The Falls at Imperial Oaks, is nearly built out, with about 400 units remaining, according to developers, but the community is now also focusing on amenities, Holcomb said. A centerpiece of the community is the Holcomb Family YMCA on Imperial Promenade Drive, which opened its rst phase in December 2021 and began work on the second phase this May, which includes a $9.7 million aquatics center, according to YMCA

Houston. Imperial Oaks also has access to the 100-acre Lake Holcomb. “It’s a big amenity for those people, and we end up getting people who are not members of our sub- division because they don’t have anything like this,” Holcomb said. Another aspect of community development in the Imperial Oaks area is the ongoing commercial and retail section. Holcomb said the existing Impe- rial Oaks Shopping Center on the western side of the development, anchored by a Kroger along Ray- ford Road, will see new additions, such as a locally owned restaurant, Nacho Padres, by the end of 2023. A Memorial Hermann Medical Group oce will also move to a larger suite at the center. The shopping center will be joined by the Grand Imperial Marketplace on Imperial Promenade Drive. Developer Fidelis projects the population in the 5-mile radius around the center will grow from 108,811 residents in 2023 to 123,276 residents in 2028. The center has not yet announced tenants. In addition, CISD’s new Hines Elementary School will open in August, and private education

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THE WOODLANDS EDITION • JULY 2023