Cypress Cove was formed when First Mortgage of Houston purchased 785 acres of ranch land from the Murhardt Family. Canyon Lake, Ltd. Was formed to develop a new community that would become Cypress Cove. The master plan and design that was implemented was advanced for its time, with a curvilinear street layout and recreation facilities, including a park, three ponds, Olympic size swimming pool, community center, horse stables, rental cabins and a boat ramp for direct access to Canyon Lake.