Hillwood Communities announced it has acquired 400 acres in Celina with plans to develop a new residential community.
Hillwood, a Perot company, acquired the land from the Wells family, the same family that has owned it since before the Civil War.
The property is along the Preston Road corridor, at the northeast corner of Coit Road and Frontier Parkway, in Celina.
The project is planned as a master-planned community of 1,250 single-family homes that includes resort-style amenities, multiple community parks, miles of trails as well as space for new retail, restaurants and other retail venues. The new community is in the Prosper Independent School District boundaries.
“We are very excited to have the premier developer Hillwood develop a significant portion of our land,” said Celina Mayor Sean Terry. “Hillwood was our preferred developer because of their strong reputation and we are fortunate that they will be one of our first developers in the city.”
“What makes them a quality developer is their willingness to listen to the community and develop land that aligns with the culture of the neighborhood and creates an inviting community,” he said. “Our experience has been smooth and professional with Hillwood and we look forward to many more partnerships with them in the future.”
Hillwood plans to break ground on the development in January 2016, with the first phase of homes being completed early in 2017. The transaction was conducted between Hillwood Communities and the Wells’ family sisters, Marianne Wells, Katherine Wells Power, Nancy Wells Warder and Sarah Wells Macias. David Davidson Sr. served as the broker for the transaction.
The new community will be built using Hillwood’s LiveSmart principles: Sense of Community, Technology, Healthy Living, Environmental Stewardship and Education & Enrichment.
“Celina is poised to benefit from the tremendous growth happening in north of Dallas,” said Brian Carlock, senior vice president, Hillwood Communities. “We are pleased that the Wells family selected us as their partner and we look forward to building a new community that will enrich this region and community.”
The expected price range of homes is $300,000 to $500,000. The development’s expected contributions towards the city’s tax base will exceed $500 million at build out, according to a news release from Hillwood.
“North Dallas is attracting high profile company headquarters from around the world and this new community will benefit from that growth,” said Ross Perot Jr., chairman of Hillwood and The Perot companies. “We are pleased that the Wells family has placed the trust in us to develop a first-class community for the residents of Celina, Texas.”