BY WESLEY GARDNER
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YOUR BUSINESS HAS A story Multifamily development is also set to expand across the New Caney-Porter area with more than 5,200 units projected to be built by 2034, according to the PASA report. Faiz Hirani, principal with real estate private equity firm Dhanani Private Equity Group, said construction on Territory at Porter is expected to begin by the end of the summer. Hirani said he was initially skeptical of developing residential projects in the Porter area when his coworker pitched the idea to him two years ago. “Man, was I wrong,” Hirani said. “Every- thing is growing down there. … Now, I see the vision.” Currently under construction, the Canyon Creek apartment complex is set to add another 276 units when the project wraps up later this year, according to previous reporting by Community Impact.
Mattlage said residential growth correlates to growth in the area’s business sector. According to U.S. Census Bureau data, the population in the area grew by more than 17,650 residents from 2018 to 2023. During that same period, sales tax revenue in EMCID rose 80%. Mattlage said revenue generated by the district is used to fund incentives to recruit businesses.
Several communities, including The Highlands, The Trails and Tavola, plan to build out over the next decade. Jhanae Kelley—public relations specialist for The Signorelli Company, the developer of New Caney master-planned community Valley Ranch—said that while additional multifamily housing is planned for the development, no projects are in the works. Officials with The Signorelli Company have previously said the development will house around 2,400 multifamily units once built out. The PASA report indicates roughly 35 acres of undeveloped land west of Hwy. 59 in Porter could be used for future multifamily development. However, no concrete plans have been released, according to the report.
EMCID sales tax revenue
$20M $15M $10M
$5M $0M
2018 2019 2020
2021 2022 2023
Year
SOURCES: EAST MONTGOMERY COUNTY IMPROVEMENT DISTRICT, TEXAS COMPTROLLER’S OFFICE/COMMUNITY IMPACT
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NEW CANEY - PORTER EDITION
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