Megatel Homes will build a $2B lagoon master-planned community in Houston, and that could just be the start for the company as it seeks to capitalize on the growing profitability lagoon-amenitized communities are enjoying.
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The 1,000-acre development broke ground last week and is expected to open its first phase in early 2023. The development, Saint Tropez, will begin pre-selling in 60 days, offering 4,500 single-family lots, as well as multifamily units. Single-family houses will cost between $350K and $700K, while multifamily units will cost at least $1.2K.
The development's main selling point is its human-made lagoon, which will offer water sports and resort-style amenities like a swim-up bar, cabanas, a soundstage and more. A public entertainment district will include a restaurant, bar, adult lounge, teen arcade, bowling alley and children's indoor play space, while resident-only facilities will offer a fitness and yoga studio, events spaces and a design center to select home designs.
"Lagoon communities have proven to be an extraordinarily popular residential option throughout Texas, with heavy demand for these amenity-rich developments," Megatel Homes co-founder Zach Ipour said in a release. "As a result of this significant demand, Megatel is pursuing the development of a dozen such communities throughout Texas and expanding to other states."
Megatel said the price of the land, in northwest Harris County, has doubled since it was purchased.
"Megatel Homes has been searching for the optimum opportunity to gain re-entry into the Houston housing market," Ipour said. "We are excited to bring this revolutionary residential experience to the Houston area."
Megatel has other Houston-area communities, including in Tomball, League City and Katy, though this is its first lagoon community, per the Houston Chronicle.
Lagoons are a popular amenity for master-planned communities in hot and humid Houston, but they're only financially attainable for larger communities, Bisnow reported previously. The lagoons, placed so that they can be seen from highways, are a popular incentive to generate tours at model homes, but it takes more than 3,000 homes in a community to make the math work on pricey lagoons
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