The Houston Chronicle reported on May 23, 2009 that the Bridgeland master planned community is being sold. The approximately 11,400 acre property is located about 33 miles northwest of downtown Houston and is curently owned by General Growth Properties (GGP), which is currently operating under bankruptcy protection. The buyer is reported to be the Caldwell Companies. If the transaction closes, the price will reportedly be somewhere between $90 and $100 million–or about $9,000 per acre.
General Growth inherited Bridgeland when it acquired The Rouse Company in 2004. The firm also owns a 42.5 percent interest in The Woodlands, a 28,000-acre master planned community located about 29 miles north of downtown Houston and about 30 miles east northeat of the Bridgeland site. The Woodlands has been under development since the 1970s.
The Houston Chronicle article was written by Nancy Sarnoff and can be viewed at http://www.chron.com/disp/story.mpl/hotstories/6438105.html