A new master-planned housing community is coming to Fort Bend County. Houston real estate developers Johnson Development have acquired 1,500 acres of George Ranch farmland from local nonprofit The George Foundation.

The property, located at FM 2977 and Koeblen Road southwest of Houston, is the first-ever plot of land to be sold by The George Foundation. The plot was sold – at an undisclosed price – in compliance with IRS requirements for the nonprofit to distribute five percent of its assets every year. Money from the sale will go towards The George Foundation's future projects to give back to the local community, the release says.

"This transaction underscores our long-term commitment to supporting the citizens of Fort Bend County by ensuring we have the liquid assets we need to fulfill our charitable mission," said Ruthanne Mefford, the chair of the board of trustees at The George Foundation. "In fact, The George Foundation is intent on awarding hundreds of millions of dollars to local scholarship recipients and nonprofit partners serving our community over the next century, and this transaction will help us realize this dream."

The George Foundation was founded in 1945 by philanthropists Albert and Mamie George to give back to the most vulnerable members of their Fort Bend region. To date, the foundation has given about $270 million in grants to other local nonprofits and individuals in the county.

The organization's humanitarianism is further shown through its use of additional land holdings. The release states that a majority of The George Foundation's 21,000 acres of land is currently being leased to farmers and ranchers, of which CEO Roger Adamson says the typical lease rates "generate less than $100 per acre of income annually."

The remaining acreage of the George Ranch, including the historical park, are unaffected by the sale of the 1,500-acre plot. Since 1990, the historical park has provided tours and educational experiences that teach school groups and others about Texas history. The ranch dates back to 1824 when Henry and Nancy Jones received a league of land as part of Stephen F. Austin's "Old 300" settlers to the then-Mexican territory of Tejas.

There is no known timeline for when Johnson Development will begin constructing the large-scale community. But CEO Michael Smith maintains that the property will foster a close-knit environment for residents while investing in the area's local culture and highlight the development company as responsible "stewards of the land."

"This is a historic moment in land development in Fort Bend County and the Houston region," Smith said. "The George Foundation and The George Ranch are the essence of Fort Bend County and to be selected to develop part of this George Foundation property into a master-planned community is a huge honor."

Smith continued, "Like The George Foundation, our company — founded by Larry Johnson in 1975 — is taking the long view and investing in this community for a vibrant and sustainable future."

Johnson Development is the largest developer of master-planned communities in Fort Bend County, and the George Ranch farmland plot will be its ninth community once constructed.