Hillwood Communities, which already purchased 400 acres in Celina last year, has acquired an additional 244 acres in the growing North Dallas market.
Hillwood, led by Chairman Ross Perot Jr., purchased the land from the Wells family, who has owned this property since before the Civil War.
Hillwood plans to break ground on the $300 million development in Sept. 2016, with the first phase of homes set for completion by late 2017. The new project will include approximately 900 single-family homes, resort-style amenities, multiple community parks, an onsite elementary school, miles of trails and space for new retail venues. The home price range is estimated to be from $275,000 to $400,000 with the development’s expected contributions to the city’s tax base to exceed $300 million at build out, according to a Hillwood news release.
Wells family members selected Hillwood because of its reputation of developing first-class properties and its long-lasting and mutually beneficial partnerships with the sellers and community stakeholders, according to the release. Also, they cited the Perot family’s deep history and contributions in North Texas, as well as its reputation for first-class developments.
“On a tour of a Hillwood community in another county, one of their project managers said, ‘we listen to the land, and it tells us how to develop.’ That is the sign of a good developer,” said Marianne Wells.
“Celina is an emerging market that offers both affordability and excellent schools. With the land’s location near Preston and the Dallas North Tollway, it is clearly in the path of northward growth. Residents will have excellent access to the burgeoning employment centers to the south,” said Ted Wilson, owner, Residential Strategies Inc. in the news release. “Hillwood develops exceptional neighborhoods that offer design and amenity features sought by most new homebuyers. We feel that this location, in conjunction with a strong builder line up will produce extraordinary results.”
Ross Perot Jr., chairman of Hillwood and The Perot companies said: “It was our good fortune to partner with the Wells family last year. Given the rapid economic growth in North Dallas, we are honored to develop another residential community on this historical land to present those moving to the city with a choice to live in a first-class community.”
David Davidson Sr. served as the broker for this and the previous transaction.