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Edition 01 · Week of October 12, 2026

Generation Park goes big, rates top 7%, and a fall weekend worth planning

Two drugmakers are building next door to Kingwood, mortgage rates hit their highest point since 2023, and builders are answering with rates in the 4s. Here is what it all means for you.

By Michael O’Neal, Broker · REALTOR® · Facts verified October 12, 2026

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The Big 5

What everyone is talking about

Five Greater Houston stories that will shape where people work, drive and live.

Jobs & Development

Eli Lilly starts building a $6.5 billion plant in Generation Park

Lilly broke ground on Sept. 21 on a 236-acre manufacturing site in Generation Park, in northeast Houston. The plant will produce its new oral GLP-1 medicine, sold as Foundayo, along with other drugs. Lilly also committed $15 million to San Jacinto College, most of it for a chemical-manufacturing career track open to people with no prior experience.

Why it matters

Lilly expects more than 600 permanent high-wage jobs and roughly 4,000 construction jobs, a short drive from Kingwood, Humble and Atascocita. Steady new payrolls support home values and rental demand across the Lake Houston area.

Under construction No completion date announced

Source: Community Impact, Sept. 21, 2026

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Jobs & Development

Bristol Myers Squibb picks Generation Park for a $2.3 billion campus

Bristol Myers Squibb selected Generation Park for a 600,000-square-foot manufacturing campus, part of a $40 billion U.S. investment the company plans over five years.

Why it matters

About 500 permanent jobs for technicians, engineers and quality staff, plus about 2,000 construction and indirect jobs between 2027 and 2030. With Lilly next door, the Lake Houston area is turning into a pharmaceutical manufacturing hub.

Confirmed Site selected. No groundbreaking reported yet

Source: Community Impact, Aug. 10, 2026

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Redevelopment

The old Greenspoint Mall site will become CityNorth Industrial Park

Lincoln and New York Life bought the former Greenspoint Mall property at 12300 North Freeway and plan a $150 million logistics and industrial park for large distribution users and smaller companies.

Why it matters

A long-empty site on I-45 North finally gets a new use, with jobs to follow. A new Houston police station on the North Belt and a new fire station are planned nearby. Phase 1 is expected to finish in the first quarter of 2028.

Confirmed Property acquired. Phase 1 targeted for Q1 2028

Source: Community Impact, Sept. 23, 2026

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Manufacturing

Power Electronics breaks ground on a 53-acre inverter factory

Power Electronics broke ground on Sept. 24 on a 53-acre campus in the Houston area that will build inverters for solar farms, battery storage and data centers. The company calls it its most automated plant, with capacity for up to 40 gigawatts a year.

Why it matters

More than 400 jobs once the campus is complete, and another sign that energy-transition manufacturing is choosing Houston.

Under construction Address and investment total not disclosed

Source: Community Impact, Sept. 29, 2026

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Flood Protection

Harris County gets one more year to spend $1.1 billion in flood money

The Texas General Land Office extended the deadline by a year for more than $1.1 billion in post-Harvey federal grant money set aside for Harris County flood projects. The county had repeatedly fallen behind on spending targets, and the article describes this as HUD's final extension. The Flood Control District's director is scheduled to brief Commissioners Court on Oct. 15.

Why it matters

This money pays for detention basins and drainage work that lowers flood risk for homeowners. Without the extension, the federal funds could have been pulled back. Eleven of the projects are already under construction.

Confirmed Extension granted. Next update at Commissioners Court on Oct. 15

Source: Community Impact, Sept. 28, 2026 (updated Oct. 8)

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Kingwood · Humble · Atascocita · Porter · New Caney · The Woodlands · Spring · Conroe

What’s coming to your neighborhood

Every item carries its status, so you can tell an open door from a rendering.

Kingwood

Under construction

Northpark Drive overpass is about 75% done

The $76.8 million project widens Northpark to six divided lanes with an overpass between US 59 and Russell Palmer Road. The board chair reported 75% completion in late August. Substantial completion has moved to April 2027, later than the earlier end-of-2026 target.

Read our full guide to the overpass

Source: Community Impact, Sept. 28, 2026

Kingwood & Humble

In design

Two new traffic signals on the way

Harris County Precinct 3 is funding signals at Will Clayton Parkway and Tabor Brook Drive, and at Woodland Hills Drive and Teakwood Spring Drive, at $650,000 each. Construction is expected to start in the fourth quarter of 2026. The Woodland Hills signal was moved up from 2027.

Source: Community Impact, Sept. 28, 2026

Kingwood

Opening soon

Table 7 Prime Steakhouse coming to Kings Harbor

An upscale steakhouse led by Chef Thomas Nguyen is projected to open in January at 1660 W. Lake Houston Parkway, Suite 105. Kingwood gets a new date-night option on the water.

Source: Community Impact, Oct. 7, 2026

Humble

Under construction

7 Brew drive-thru coffee planned on W. Lake Houston Parkway

A state construction filing shows work on a 7 Brew at 19250 W. Lake Houston Parkway running from October to January. No opening date has been announced.

Source: Community Impact, Sept. 4, 2026

New Caney

Under construction

Construction starts on Trails at the Parkway

Castle Hill Partners and Fidelis Realty Partners have started a retail center near Plum Grove Road and the Grand Parkway. Tenants have not been named. Opening is expected in early 2028.

Source: Community Impact, Oct. 5, 2026

New Caney

Proposed

A second center, Trails Market, is planned next door

Fidelis Realty Partners plans an 11.6-acre shopping plaza at the northwest corner of Plum Grove Road and the Grand Parkway, near The Trails community, with a 2028 opening in view.

Source: Community Impact, Oct. 9, 2026

New Caney

Open

ArchPoint at 1485 is filling up

At 19261 FM 1485, a Roadtrac gas station and convenience store is open, Texan Mattress opened Oct. 1 and Lee Psychiatry held its grand opening Oct. 5. A State Farm agency is due in December, and Booma Boom Tacos is reported as coming with no date yet.

Source: Community Impact, Sept. 25, 2026

Spring & The Woodlands

Proposed

TxDOT proposes a $209 million Grand Parkway widening

The plan covers 6.73 miles of SH 99 between Springwoods Village Parkway and Townsen Boulevard, adding a third lane each way and new direct connectors between I-45 and the Grand Parkway. It would be paid for with toll revenue. Construction would begin in late 2027 and take about five years.

Source: Community Impact, Sept. 25, 2026

Shenandoah

Under construction

307 apartments rising at Residences at Metropark

Sam Moon Group is building a 307-unit complex at 8888 Metropark Drive, just south of The Woodlands, with Greystar managing. Opening is expected in late 2027.

Source: Community Impact, Sept. 4, 2026

Conroe

Under construction

Encompass Health rehab hospital coming to Conroe

A 50-bed, 52,500-square-foot inpatient rehabilitation hospital is under way at 869 City Central Avenue, with opening set for Nov. 22, 2027.

Source: Community Impact, Sept. 22, 2026

Houston Real Estate in 60 Seconds

The market at a glance

Median sale price$330,000↓ 1.5% vs. Aug. 2025
Average sale price$426,760↑ 1.2% vs. Aug. 2025
Closed sales7,100↓ 11.5% vs. Aug. 2025
Pending sales7,939↓ 3.5% vs. Aug. 2025
Active listings38,947↑ 0.5% vs. Aug. 2025
Months of inventory5.3→ No change vs. Aug. 2025
Days on market54↑ from 52 vs. Aug. 2025
30-year fixed rate7.40%↑ from 6.30% a year ago Freddie Mac, Oct. 8, 2026

Greater Houston single-family homes, from HAR’s August 2026 report (released Sept. 9, 2026). HAR’s September report is due this week; we will update when it lands. Sold homes fell year over year while listings held steady, and five months of inventory is the definition of a balanced market. See the full market report and charts.

Sources: HAR, Sept. 9, 2026 · Freddie Mac PMMS, Oct. 8, 2026

Builder Deals of the Week

Rates in the 4s and 5s, with deadlines this month

Two offers we verified on the builders’ own sites. Each has a deadline and a required lender.

Chesmar Homes

Verified Oct. 12

30-year fixed from 4.999%

Fixed rate through a builder lender

Chesmar's Imagine Happier Bonus advertises a 30-year fixed rate of 4.999% (5.737% APR) on FHA loans, 5.375% (5.508% APR) conventional and 4.999% (5.287% APR) VA, on select homes.

Deadline
Contract Oct. 1 to Oct. 18, 2026. Close by Dec. 31, 2026.
Where
Select homes in Greater Houston
Qualifications
Financing through HomeAmerican Mortgage. Minimum credit score 680 for FHA and VA, 780 for conventional. Owner-occupied only. Loan amount capped at $832,750. Limited funds, first come, first served.

See the builder’s full terms, checked Oct. 12, 2026

Ask Michael About This DealGet Builder Incentives

Meritage Homes

Verified Oct. 12

2/1 buydown starting at 3.5%, plus up to $7,500 toward closing costs

Temporary 2/1 buydown + closing costs

The rate starts at 3.5% in year one, 4.5% in year two, then 5.5% for the rest of the loan (6.266% APR). Meritage's example is a 30-year FHA loan on a $400,000 home with 3.5% down and a 640+ credit score.

Deadline
Contract Oct. 9 to Oct. 25, 2026. Closing about 60 days after contract (confirm with Meritage).
Where
Select quick move-in homes, Houston area
Qualifications
Must use MTH Mortgage and Carefree Title. Owner-occupied only. Total credits capped at 3% of base price plus premium. Cannot be combined with other offers.

See the builder’s full terms, checked Oct. 12, 2026

Ask Michael About This DealGet Builder Incentives

Offers are advertised by the builders, not by Michael O'Neal or Keller Williams, and can change or end without notice. Rates and APRs shown are the builders' own examples. Not every buyer will qualify. Financing is subject to credit approval by the lender named in each offer. Using a builder's preferred lender is optional for your purchase but required to receive these incentives. Michael O'Neal is a real estate broker, not a mortgage lender. Equal Housing Opportunity.

See every verified deal

Michael’s Take

Keeping It Real With O’Neal

Michael O'Neal

Rates just touched 7.40%. Here is what I am telling my clients this week.

Buyers. Your payment moved more than prices did. Builders know it, which is why you are seeing rates in the 4s and low 5s on new construction through their own lenders. Those deals are real, but they end this month and they come with rules about which lender and title company you use. Read the fine print before you fall in love with a model home, and bring your own agent on the first visit.

Sellers. Houston has 5.3 months of inventory. That is a balanced market, not a bad one. Homes priced right are still selling. Homes priced off last spring’s hopes are sitting. If you have been on the market well past the 54-day average, it is the price or the presentation. Let’s look at both.

Everyone in Lake Houston. More than 1,100 permanent jobs are planned in Generation Park between Lilly and Bristol Myers Squibb. That is a big deal for Kingwood, Humble and Atascocita over the next few years, for homeowners and for anyone thinking about a rental.

Questions about your home or your next move? Call or text me at 832-797-3780.

Michael O’Neal

Find Out What Your Home Is WorthSchedule a Conversation With Michael

The Local Poll

If 30-year rates dropped under 6%, would you move in 2027?

One vote per person. Results appear after you vote.

Weekend Planner

Oct. 16-18 and Oct. 23-25

Festivals, a free symphony night and the farmers market. Prices and times from the organizers; check before you go.

  • Sat & Sun, Oct. 17-18 and Oct. 24-25

    Texas Renaissance Festival

    9 a.m. to 8 p.m. (gates close about 7) · 21778 FM 1774, Todd Mission

    $15.25 to $39.80 plus tax, by date

    Oct. 17-18 is the 1001 Dreams weekend. Oct. 24-25 is Pirate Adventure.

  • Sat, Oct. 17

    Kingwood Oktoberfest

    11 a.m. to 5 p.m. · 1901 Woodland Hills Dr., Kingwood

    $10 adults, $5 ages 3-12, under 3 free

  • Sat, Oct. 17

    Good Oil Days Festival

    10 a.m. to 5 p.m. · Uptown Park, 310 E. Main St., Humble

    Free

  • Sat, Oct. 17

    Bark in the Park

    Noon to 5 p.m. · Town Center Park, 8 N. Main St., Kingwood

    Free

    Bring the dog.

  • Saturdays, Oct. 17 and Oct. 24

    The Woodlands Farmers Market

    9 a.m. to 1 p.m., rain or shine · Grogan's Mill Shopping Center, 7 Switchbud Pl., The Woodlands

    No admission fee listed

  • Fri, Oct. 23

    Houston Symphony: Hocus Pocus Pops

    7:30 p.m. (tentative) · Cynthia Woods Mitchell Pavilion, The Woodlands

    Free, no tickets needed

See the full weekend planner

Food, Drinks & Local Favorites

Five places to try

New tables and treats from Humble to Spring.

  1. Dreaux's

    5105 FM 1960 Rd. E., Humble

    Cajun and Creole seafood: gumbo, crawfish and fried fish.

    Open New location opened Sept. 2

    Source: Community Impact, Sept. 11, 2026

  2. Maxwell Polish Station

    8036 FM 1960 W., Humble

    Chicago street food: Polish sausage, Italian beef and pork chop sandwiches.

    Open Opened July 26

    Source: Community Impact, Sept. 15, 2026

  3. Casa Nueva Mexican Grill and Bar

    8921 Louetta Rd., Spring

    Mexican kitchen with a full bar.

    Open Opened Sept. 16

    Source: Community Impact, Oct. 2, 2026

  4. Sweet Space Shop

    21120 Loop 494, New Caney

    A new ice cream shop for the after-school crowd.

    Open Opened Sept. 13

    Source: Community Impact, Oct. 2, 2026

  5. Cakery

    2624 Chestnut Ridge Rd., Kingwood

    Handmade cakes and Mediterranean-style sweets.

    Opening soon Owners projected an October opening; call ahead

    Source: Community Impact, Sept. 9, 2026

The Hidden Gem

The wilderness ten minutes from Kingwood

Lake Houston Wilderness Park

25840 FM 1485, New Caney 77357

Ten minutes from Kingwood is a city park most Houstonians have never visited: about 5,000 acres of pine forest with more than 20 miles of trails, 13-plus of them open to horses. There is a nature center, an archery range, a canoe and kayak launch, campsites from $7, cabins from $85 and RV sites from $27 to $32. One thing it is not: a boat ramp onto Lake Houston.

Hours
7 a.m. to 6 p.m. Sun, Mon, Wed, Thu. 7 a.m. to 8 p.m. Fri and Sat. Closed Tuesdays.
Entry
$3 per person ages 13 to 64. Children, seniors and military with ID free.
Run by
City of Houston Parks and Recreation

Source: City of Houston Parks and Recreation, checked Oct. 12, 2026

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Homeowner Intelligence

Taxes and insurance: what to check now

Your 2026 property tax bill is on the way

Harris County says 2026 tax bills are going out in October and November. Before you pay, check that your exemptions made it onto the bill.

  • Homestead. The school-district homestead exemption is now $140,000, up from $100,000 after voters approved Proposition 13 in November 2025. If you live in your home and have not filed, file with your appraisal district (HCAD or MCAD). It is free.
  • 65 and older or disabled. The additional school-district exemption is $60,000, per the Texas Comptroller.
  • Want the federal deduction this year? Pay by Dec. 31.
  • Deadline. In past years Harris County’s last day to pay without penalty has been Jan. 31, with 7% penalty and interest starting Feb. 1. Confirm the date printed on your bill. Homeowners 65+ or disabled can ask for a four-payment plan.

Sources: Texas Comptroller, current page · Harris County Tax Office, current page · FOX 26, Nov. 4, 2025

Insurance check

74%%

A Rice University Kinder Institute and Texas 2036 study found some Texas homeowners’ insurance costs have risen 74%% since 2009, to about $3,000 a year before flood coverage.

Shop your policy every renewal, and ask about wind and roof discounts.

Source: ABC13, Aug. 2026

Read: Texas homestead exemption, step by step

The Luxury Edit

Waterfront living at Harborwalk

26 Half Moon at dusk, a three-story waterfront home in HarborwalkAerial view of the canals and waterfront lots at Harborwalk

Waterfront Living

Boat to the bay from your back door

Harborwalk in Hitchcock is a canal community on the way to Galveston Bay, where homes sit on the water and the dock is part of the floor plan. It is one of the few places in Greater Houston where a weekend on the water starts at home.

On the market now: 26 Half Moon, Hitchcock, TX 77563. 4 bd · 3 ba · 3,867 sq ft. Offered at $1,050,000.

Ask About This HomeLuxury real estate with Michael

Listed by The Michael O’Neal Group, Keller Williams Realty Northeast.

The Home of the Week

15 Crestone Pl, The Woodlands

15 Crestone Pl, The Woodlands: brick home with a covered entry and mature trees

$949,000

15 Crestone Pl

The Woodlands, TX 77381

4 bd · 3 ba · 3,996 sq ft

A brick home under The Woodlands’ tree canopy, with nearly 4,000 square feet of living space.

Ask About This HomeSee all my listings

Listed by The Michael O’Neal Group, Keller Williams Realty Northeast. Information believed accurate but not guaranteed.

How we report

Every fact has a source

The O’Neal Insider links every story to its source and the date it was published. Projects are labeled open, opening soon, under construction, proposed or in design, so you know what is real today. Facts in this edition were checked on October 12, 2026. Spot something out of date? Call or text 832-797-3780.

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