Good Bull Capital and its financing partner Jet Lending have taken over a 148‑acre parcel in Friendswood that was previously owned by local developer JMK5 Holdings. At the Oct. 5 Friendswood City Council meeting, founder, CEO and president Luke Cheatham presented the company’s plan for a new subdivision called Falling Leaf Ranch.
Project scope and density
The proposal calls for 135 single‑family luxury lots laid out along Wilderness Trail. This is a higher‑density layout than the earlier 44‑lot scheme submitted by JMK5 Holdings. Friendswood is already more than 85 % built out, and city staff described Falling Leaf Ranch as “the last development of its kind that gets built inside city limits.”
Infrastructure and financing
Good Bull Capital is asking the city to create a public improvement district (PID) and issue a $27.6 million bond. The bond would fund $21.8 million of construction and infrastructure costs, including a 7‑acre right‑of‑way dedication for a key segment of Friendswood Parkway. A Houston‑Galveston Area Council traffic study projects that the new parkway segment will reduce significant congestion expected by 2045.
General contractor Ryan Strickland said homes are expected to sell for $1.1 million to $2 million, with lot prices starting around $375,000 to $400,000. Once fully built, the neighborhood is projected to generate roughly $3 million in annual tax revenue for the city.
Environmental remediation
The site contains about 20 oil and gas wells that were plugged between 1980 and 1997, according to city records. Good Bull Capital is negotiating with the Texas Railroad Commission and ExxonMobil to modify a 100‑foot deed setback that currently limits lot layouts.
Approximately six acres of the land are contaminated with salt from historic oil drilling. Rather than capping the soil, the developer plans to excavate 10‑15 feet of contaminated material and replace it with clean fill sourced from the subdivision’s detention pond. “This tract doesn’t get cleaned up unless someone develops it, and we’re prepared to be that party,” Good Bull Capital wrote in its submission.
Council feedback and next steps
Council member Robert Griffon expressed concern about re‑plugging wells that have already been properly abandoned, warning that “you don’t want to go around messing with a well that’s been plugged and abandoned correctly.”
Following the presentation, the council appointed members Randy Hale and Michel Ross to a subcommittee that will lead negotiations on the development agreement and PID terms. The subcommittee will also decide whether any Tax Increment Reinvestment Zone (TIRZ) funds will be used or if the PID debt will stand alone.
If agreements are reached, the project is slated for a 22‑month timeline to the first lot closings. The proposal represents a significant private‑sector investment that could bring new housing options, jobs and tax revenue to a city that is nearing full development capacity.
Original reporting: Community Impact — Houston — read the source article.
