Memorial Hermann Health System bought 40 acres in Beacon Hill, a 587-acre development in a growing city northwest of Houston.
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Memorial Hermann purchased the land for “possible future development,” according to a press release from Wolff Cos., Beacon Hill’s developer.
Beacon Hill is along U.S. Highway 290 in Waller, a city that saw a 75% year-over-year increase in home sales during the first quarter of this year, mostly from new construction, according to the Houston Association of Realtors.
“The Cypress and Waller communities are experiencing significant growth, and Memorial Hermann is committed to meeting the healthcare needs of its residents,” Jerry Ashworth, CEO of Memorial Hermann’s Cypress and Katy hospitals, said in the release.
“We believe that acquiring this land is a wise investment for our organization,” he added. “It will allow for future growth and enable us to explore opportunities that could benefit both our stakeholders and the community.”
Homebuilder Long Lake Limited. bought the northernmost 270 acres of Beacon Hill for a master-planned residential community. It has completed 211 of the planned 870 homes in the development, according to the release.
Wolff Cos. has completed $33M of infrastructure improvements and shovel-ready sites for commercial development. Hines purchased a 78-acre plot in Beacon Hill in early 2022 for an industrial development.
A new exit ramp and frontage road to provide direct access from Highway 290 are expected to be completed by this fall.
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