The City of Anna in Collin County approved a development agreement for an $800 million project that will bring more than 1,000 homes and 600 multi-family units as well as a lagoon.
During the Oct. 12 regular city council meeting, the Anna City Council approved a Development Agreement with Megatel Homes for the Anacapri Project. The project is estimated to cost $800 million and includes 1,239 single-family units, 600 multi-family units, a 2.3-acre crystal lagoon, two sand beaches—one public and one private—a Flow Rider surf simulator, swim-up bar, kids play area, a water slide, 30,000 square foot commercial entertainment building and other amenities.
The Anacapri will be located immediately west of Anna High School beside the upcoming extension of Rosamond Parkway and Ferguson Parkway. To assist with the infrastructure costs related to the development, the City of Anna will create a Public Improvement District and Tax Increment Reinvestment Zone to reimburse costs.
The City will receive more than $2.1 million in Public Improvement District (PID) fees and 65 percent of sales/use taxes on construction materials. Additionally, the Anna Economic Development Corporation (EDC) and Community Development Corporation (CDC) will each receive .50 cents per ticket sold to enter the Lagoon area.
“I am excited for the impact of this project and look forward to seeing it come to fruition,” said Mayor Nate Pike. “This is a game-changer for Anna and provides several unique activities for Anna neighbors.”
According to the council agreement, if the lagoon/laguna ceases operation for more than 30 consecutive days for reasons other than weather, governmental, or seasonal reasons, TIRZ payments for the corresponding year will not be paid. The agreement calls for the developer to spend at least $25 million on the commercial and Laguna portion of the project.
Megatel Homes has also developed lagoon-based communities in Forney, Dallas and McKinney, among others.