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Friendswood Development Company

Friendswood Development Company is a real estate development company operating in Greater Houston. The company is a subsidiary of Lennar.

The company is best known for developing Kingwood, a 15,000-acre master-planned community northeast of Houston with more than 20,000 homes, developed over a 40-year period.[1] The company also developed the Clear Lake City area near NASA in 1962.[2]

History timeline

  • The company was founded in 1962 as a subsidiary of Humble Oil, now ExxonMobil.
  • In 1963, the company established Clear Lake City, its first project.[3]
  • In 1970, The company developed Kingwood master planned community.[4]
  • In 1991, the company broke ground on the first new office building in Houston in 5 years.[5]
  • In June 1995, Exxon put the company up for sale.[6]
  • In December 1995, Lennar acquired the company for $110 million.[7]
  • In 2014, the company expanded several of its communities.[8]
  • In 2015, the company announced 3 new communities in northeast Houston.[1]
  • In 2016, the company opened Knoll Park, its first development in urban Houston.[9][10]
  • In 2017, the company launched its third residential development in Houston.[11]

References

  1. Paul Takahashi. Friendswood Development strengthens foothold in northeast Houston American City Business Journals, October 30, 2015^
  2. Houston's Premier Residential Land Developer | Friendswood Development Company^
  3. MICHAEL DAVIS. Oil field put Exxon and Houston on map Houston Chronicle, October 28, 2001^
  4. Kingwood | Friendswood Development Company^
  5. Lettice Stuart. New Office Tower Project Is Houston's First in 5 Years The New York Times, February 20, 1991^
  6. Exit From Industry Chicago Tribune, June 4, 1995^
  7. LENNAR TO BUY EXXON'S REAL ESTATE UNIT The New York Times, December 8, 1995^
  8. Friendswood Development in expansion mode Houston Chronicle, March 28, 2014^
  9. Paul Takahashi. Suburban developer makes 'first real foray' into urban Houston American City Business Journals, September 16, 2016^
  10. Katherine Feser. Friendswood Development expands urban offerings Houston Chronicle, September 9, 2016^
  11. Paul Takahashi. Houston developer launches new urban community in Garden Oaks American City Business Journals, June 6, 2017^