Major Land Sale by The George Foundation Sets Stage for New Residential Community in Fort Bend County
In an unprecedented move, The George Foundation has confirmed the sale of a 1,500-acre parcel of land to Johnson Development, marking the first major land purchase from the 80-year-old organization. The property, located in west Fort Bend County, is being earmarked for a new residential community, according to a recent press release. The selling price remains confidential.
The decision to sell was a strategic move by the Foundation’s Board of Trustees, driven by their fiduciary obligation to meet the charitable distribution figures dictated by IRS regulations. "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," said Ruthanne Mefford, Chair of the Board of Trustees of The George Foundation. "In fact, The George Foundation is intent on awarding hundreds of millions of dollars to local scholarship recipients and nonprofit partners serving our community over the next century, and this transaction will help us realize this dream.”
The Foundation’s 21,000 acres, primarily leased to farmers and ranchers, generate less than $100 per acre in income annually. However, as Roger Adamson, CEO of The George Foundation, points out, IRS regulations require the land to be valued at market price when calculating annual charitable contribution requirements.
Michael Smith, President and CEO of Johnson Development, expressed his company’s eagerness to develop the newly-acquired land, recognizing the significance of being chosen to transform the George Ranch farmland into a large-scale community. “This is a historic moment in land development in Fort Bend County and the Houston region,” he stated.
Smith believes that the property offers significant potential, promising excellent accessibility and a vibrant, sustainable future for residents. However, no timeline has been given for when construction or home sales might begin.
Over the past year, Johnson Development has announced several new communities, with home sales in some expected to start in 2025. With this acquisition, Johnson Development continues to be the largest developer of master-planned communities in the Fort Bend County, with almost 24,000 acres under development. Communities developed by Johnson Development in Fort Bend County include Veranda and Harvest Green in Richmond, as well as Cross Creek Ranch, Jordan Ranch and Cross Creek West in Fulshear.
By Tiffany Krenek, My Neighborhood News 
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Tiffany Krenek has been on the My Neighborhood News team since August 2021. She is passionate about curating and sharing content that enriches the lives of our readers in a personal, meaningful way. A loving mother and wife, Tiffany and her family live in the West Houston/Cypress region. |
