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PROXIMITY TO TEXAS MEDICAL CENTER AND DOWNTOWN HOUSTON LEADS TO NEW GROWTH CORRIDOR

Home Sales Soar at Shadow Creek Ranch

PEARLAND, TEXAS (Feb. 18, 2003) – Houston is experiencing all time record home sales, but Pearland’s Shadow Creek Ranch may be outperforming them all. In a sales year of just eight months – Home sales at Shadow Creek Ranch began in May 2002 - the community recorded approximately 184 homes sales. And, 73 homes were sold before a model home was even open.

Overall, in 2002, Shadow Creek Ranch outperformed all other new communities in Houston, averaging approximately 23 home sales a month. The New Year offers an even greater opportunity for success as the community unveils new home designs by three of Houston’s top builders, a 20-acre townhome development and the grand opening of the Shadow Creek Ranch Information & Visitor’s Center and the first retail shopping center.

“The incredible sales success and growth we have experienced since opening our neighborhoods in Shadow Creek Ranch last May is overwhelming,” said Mickey Pizzitola, Vice President of Legacy Homes in Houston. “We completely sold out of our first neighborhood, 59 homes, before we even had the model completed. Part of our success is directly related to the community’s location and the amenities the community offers,” he said.
The large majority of Houston area master plan communities have driving times in excess of 45 minutes to downtown and the major employment and commercial districts. “Our location has attracted Houston’s top builders,” said Carlo Ferreira, of Shadow Creek Ranch Development Company. “We now have a full range of homes from the $160s to $700s.”

Shadow Creek Ranch’s close proximity to the central business district, the Texas Medical Center, The Galleria and Houston’s Hobby Airport, along with the continued growth along the Highway 288 corridor, continue to increase consumer demand and boost home sales in the area. The builders currently offering homes for sale at Shadow Creek Ranch include Emerald Homes, Gehan Homes, Hammonds Homes, Legacy Homes, Perry Homes and Westport Homes. Three additional builders, Ashton Woods Homes, Newmark Homes and River Oaks Homes, will begin selling this Spring.

“Today’s tremendous growth in the suburbs has led to congestion and major traffic challenges,” said president of Bohlke & Associates, Bob Bohlke. “Now with the revitalization of downtown, people want the control and amenities offered in a master plan community, but they want it closer to town.”

As of April 2001, Pearland’s population stood at 40,700, a 115 percent increase from 1990.
According to the 2000 Census, Pearland had the 6th highest percent increase from 1990 among Texas cities with populations of at least 35,000. When complete, Shadow Creek Ranch will nearly double the population of Pearland as the community will be home to an estimated 36,000 residents.

“Our economic development team continues to work to entice companies to Pearland,” said Pearland Mayor Tom Reid. “Pearland has so much to offer and with the immense residential growth this area has experienced, there are plenty of housing opportunities for top level executives relocating to this region.”

Over the course of 2003, Shadow Creek Ranch will experience continued growth and development as new homebuilders are introduced, school sites and parks are developed, retail shopping centers are erected and civic and industrial developments are unveiled. This spring, Shadow Creek Ranch will welcome three more of Houston’s top builders, Ashton Woods Homes, Newmark Homes and River Oaks Homes to its team of builders. The addition of these homebuilders brings the total to nine builders offering homes priced from the $160s to over $700,000. Construction of a 20-acre, waterfront townhome community is also scheduled to begin this year.

About Shadow Creek Ranch
A 3,300-acre master-planned community featuring over 300 acres of lakes, Shadow Creek Ranch is located just minutes south of the Texas Medical Center and downtown Houston's central business, cultural and entertainment district. Upon completion, Shadow Creek Ranch will contain approximately 12,000 residences including single-family homes, multi-family and senior housing units. The community will also feature commercial, industrial, civic and recreational sites such as schools, churches, medical facilities, day care, City Hall Annex, police and fire stations, grocery stores, shopping center, banks, library, and multiple day-care centers creating an estimated 5,000 jobs within the community.