Riceland Announces Phase II Groundbreaking Underway Adding 311 New Home Sites
Official Grand Opening Event Set for September 21
HOUSTON (September 3, 2024) – Houston-based developers, McGrath Real Estate Partners, marks another development milestone with the groundbreaking of Phase II of Riceland adding an additional 311 new home sites across an additional 138 acres and will include the Lakehouse Recreation Center and the development of Sweetgum Park.
To mark this milestone, Riceland will hold its official grand opening for the public on Saturday, September 21 from 11am – 2pm with food and fun for the whole family. Guests will tour nine model homes by Chesmar Homes, David Weekley Homes, Highland Homes, and Perry Homes.
“Phase II represents a significant leap forward in our vision for Riceland,” said Michael S. McGrath, President and CEO of McGrath Real Estate Partners. “We are not just building homes; we are crafting a community where families can live, work, and play in a vibrant, thriving environment. This phase brings us one step closer to realizing this vision and we are excited to celebrate that with the community of Mont Belvieu.”
Riceland, the 1,500-acre master-planned community in Mont Belvieu, Texas, is located 32 miles east of Houston along the Grand Parkway north of Interstate 10 and is one of the largest suburban mixed-use developments and master planned communities in the area. The development will include4,500 homes upon completion of the long-term development plan and features 30 miles of trails catering to the outdoor lifestyle sought by locals. An extensive list of amenities includes a 10-acre stocked lake, resort-style pools, and several parks, all seamlessly linked to the Town Center plaza.
The Riceland Town Center incorporates Mont Belvieu City Hall and the newly opened Fire Station and serves as the community city center of activity with a dedicated public green space area and new commercial developments planned, including the 16,956 SF Mill House blending curated retail, dining, and office spaces.
Riceland is about community-centric living and keeping up with the pace of growth in the region. The population of Mont Belvieu has more than doubled in the past decade, with continued growth on the horizon.
"We're eager to begin two exciting new amenities for the community and to continue collaborating with the City of Mont Belvieu on developing a city-wide path and trail system that will enhance walkability and continue to build on the community-focused lifestyle Riceland has to offer," continued Randy Hopper with McGrath Real Estate Partners.
Trez Capital, a real estate investment firm based in Vancouver, Canada, provided $40 million in financing for Riceland Phase II. Trez Capital also provided the financing for phase one.
“We’re pleased to provide financing for the 2nd phase of Riceland. As shown by the success of phase one, Riceland is attracting families at all stages of life due to its natural setting, heritage, extensive amenities and its location just outside of Houston,” said John Sullivan, the Managing Director of US Originations at Trez Capital.
“The fact that Mont Belvieu is only 35 minutes away from Downtown Houston and has one turn access from the Grand Parkway/SH99 makes it easily accessible to multiple major employment hubs and a desirable place to live. The Houston MSA has grown exponentially the last several years and ranks as is one of the strongest markets in the U.S. for new housing, population growth and job growth.”
Riceland Phase II Quick Facts:
· Phase II –currently under construction
o Phase I – 144 Acres, 417 home lots completed – 85 homes currently under construction
· Phase II – 138 acres; 311 homes lots
· Home builders: Chesmar Homes, David Weekley Homes, Highland Homes, Perry Homes
· Mill House – 16,956 SF of specialized retail, restaurant, and office space under development
Town Center Leasing Contact:
Randy Hopper, McGrath Real Estate Partners: 713.268.5150
McGrath Real Estate Partners
McGrath Real Estate Partners has developed or acquired over $2 Billion in commercial, multifamily and student housing across the United States. Headquartered in Houston, Texas, McGrath Real Estate Partners specializes in multifamily, student housing and single-family lot development. For more information: https://www.mcgrathrep.com/
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured mortgage investment funds, syndications, and joint ventures; and provides property developers with quick approvals on flexible short- to mid-term financing.
With offices across North America, Trez Corporate Group has over $5.5* billion CAD in assets under management and has funded over 1,800 transactions totaling more than $19.5 billion CAD since inception. The Dallas office has funded more than $6.8 billion in loans. For more information, visit www.trezcapital.com. (*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $2.8 billion Manager AUM (Trez Capital Fund Management Limited Partnership).
