The development director of the New York-and-Denver-based firm that just announced it would be creating a new eco-themed 1,800-acre community immediately south of The Woodlands — and directly adjacent to a 400-acre parcel Exxon Mobil has been eyeing for a giant new consolidated corporate campus — is sure being kinda vague about the identity of the property’s owner, Springwoods Realty. Keith Simon tells the HBJ‘s Jennifer Dawson that Coventry Development and Springwoods Realty share some officers (including him), but that the two companies are “not affiliated.”:
Coventry handles all of the real estate holdings for a privately held umbrella organization that Simon would not name. Springwoods Realty is under that umbrella.
Other entities under the umbrella own approximately 1,000 acres of undeveloped land by Baybrook Mall. Coventry has developed approximately 1 million square feet of retail property around the mall over the past 25 years.
“It’s really a confusing puzzle,†Simon admits.
Adding to the mystery surrounding this corporate . . . uh, “shell” game: Simon’s statement earlier in the week that Springwoods Realty had sold off approximately 400 acres of its holdings — not to Exxon Mobil, but to an entity named Palmetto Transoceanic.
- Coventry developing new community near likely Exxon campus [Houston Business Journal]
- Springwoods Village coverage [Swamplot]
Site map: Coventry Development
Interesting…
Real estate development partnerships can be very confusing, but this one likely isn’t anything out of the ordinary. You can have an investor, maybe an institutional investor like an insurance company, who owns with other investors, all with odd-sounding partnership names that were formed specifically for this investment. They may then own into another partnership which finally is the “owner” of the development. It’s just as confusing on paper, but it isn’t out of the ordinary.
The property and Coventry Development Co.
are owned by the Aristotle Onassis Estate. Onassis blew thru Houston in 1960 and bought this tract known as Chrimerene, the Gulf Fwy land developed into Baybrook and a motel which is now vacant land on South Main at Greenbriar.