Roger Galatas Interests


The Woodlands

A 28,000-acre master planned community nationally recognized as one of the more successful in the United States. Current (as of 1/1/2011) total investment exceeds $13 billion with a population of approximately 97,000, and 47,000 jobs provided by some 1,700 employers. Upon substantial completion within the next seven to ten years, the resident population is expected to exceed 130,000 with some 67,000 jobs and 36,000,000 square feet of commercial and institutional space. Roger Galatas was a member of George Mitchell's development team at The Woodlands for almost 20 years serving as Executive Vice President, President and CEO of the company. He directed all of the company's real estate activities and was responsible for the full range of business activities and strategic planning for development, marketing, management, and financial performance of all the company's assets. During his tenure, cumulative capital invested by all parties in the community grew to $4 billion and The Woodlands became a national leader in new home sales.

Unique elements in the community include the 18,000-seat performing arts pavilion, two acute care hospitals, a private college preparatory school and an outstanding system for public education, a community college campus, and a Town Center than has become a regional destination for shopping, entertainment, healthcare and employment. A full range of housing opportunities is available from modest to mansion. Environmental design and forest preservation is everywhere, evident with some 8,000 acres, or 28% of the property, remaining as open space.

As part of a restructuring of the publicly-traded parent company, Mitchell Energy and Development Corporation, all of the assets of The Woodlands Corporation were sold in 1997 to a partnership formed by Crescent Real Estate Equities and a Morgan Stanley real estate fund for $543 million in a cash transaction. Assets sold included 14,000 acres of undeveloped land, a conference center and resort and four golf courses, interest in 2.4 million square feet office and technology space, interest in a mortgage company and a title company, certain financial assets plus the franchise value of a nationally recognized, successful master-planned community. Many of the professionals remain with the new owners and continue to effectively implement the vision.

As part of this corporate restructuring, non-Woodlands assets were sold for $100 million including 30,000 acres of timberlands and resort properties in Colorado and on Galveston Island.

The Woodlands General Plan