Hillwood Communities announced today it has closed on its largest residential development – Pecan Square in Northlake. The $1.5 billion mixed-use, master-planned community will consist of more than 3,000 homes, including 609 lots in the first phase.
On 1,157 acres near the southwest intersection of Interstate 35W and FM 407 in Northlake, Pecan Square will include a mix of commercial retail, educational and residential uses, with home prices ranging from $270,000 to the $500,000s on a variety of lot and home sizes.
Eight builders have been selected for the development representing a variety of products from 40’ lots to one-acre lots, including Ashton Woods, CalAtlantic Homes, DR Horton, David Weekley Homes, Highland Homes, Perry Homes, Plantation Homes and Pulte Homes.
Hillwood Communities will preserve the two rows of 200 pecan trees, along the main drive connecting FM 407 to “Pecan Square.” Pecan Square will resemble a classic town square found throughout many regions of North Texas. The square will be anchored by an existing horse training arena that will be repurposed as a multi-use amenity open to residents and community members.
“Pecan Square is one of the largest master-planned communities we have developed in our 25-plus year history. It is in a perfect position to offer a wide variety of home prices in a high-quality master-planned community within a tremendous school district,” said Brian Carlock, senior vice president of Hillwood Communities. “Northlake has a wonderful quality of life and happens to be in one of the highest growth areas in North Texas.”
As part of the transaction, Hillwood Communities donated 15 acres to Northwest ISD for an onsite elementary school. An additional 150-acre tract has been sold to Northwest ISD, which plans to use it for a new middle school, high school and football stadium.
“On behalf of the Northwest ISD Board of Trustees and our district’s faculty and staff, I sincerely appreciate Hillwood Communities’ commitment to our region,” said Ryder Warren, superintendent of Northwest ISD. “Our goal is to make our 23,000-plus students ‘Future Ready,’ and the relationship we maintain with Hillwood totally supports that aspiration.”
Pecan Square will break ground in spring 2018 and the homes are expected to be available for purchase in summer 2019.
Pecan Square is across FM 407 from Hillwood Communities’ Harvest development, known in part for its farming and gardening amenities.