Hillwood Communities is partnering with Dallas-based real estate development firm Wynne/Jackson to develop 119-acre tract in Celina.
The group has received preliminary plat approval for development, with plans for a maximum of 350 single-family residential lots.
Wynne/Jackson began studying the area in 2014, focusing on this particular submarket because of its location in the path of growth in Celina – between Preston Road and the Dallas North Tollway – and within the Celina Independent School District.
The property was purchased from the Glendenning Family, who emigrated from Scotland to Texas in 1887. Tom Glendenning settled and farmed in Celina with his son, Don Glendenning, continuing the farming operation. The property has been held through three generations and the project is to be named “Glen Crossing” as a way to honor the Glendenning family and their ongoing Celina/Collin County heritage, according to a news release. .
Zoning of the property with the city was completed in February 2015, a Public Improvement District was created in April 2016 and the city of Celina approved the land as a tax increment reinvestment zone on June 14, 2016. The start of construction is planned for September 2016 and homes will be priced between $350,000 and $425,000.
Two of the largest privately owned homebuilders in Texas, Horizon Homes and Perry Homes, will be the homebuilders in the project.
This is the first joint venture between Hillwood and Wynne/Jackson.
“Wynne/Jackson has been a top residential lot developer in the DFW market for years, and their expertise in this product type coupled with their ability to position the property in a manner that greatly reduced our market and entitlement risk proved to be the deciding factor in our participation in this opportunity,” said Fred Balda, president of Hillwood Communities. “We believe in the strength of the DFW market, which is why we join hands with experienced groups like Wynne/Jackson. We look forward to more partnerships like this in Dallas where we can leverage the expertise of our partners.
In November 2015, Hillwood Communities announced it acquired 400 acres in Celina with plans to develop a new residential community. Hillwood acquired the land from the Wells family, the same family that has owned it since before the Civil War.
That property is along the Preston Road corridor, at the northeast corner of Coit Road and Frontier Parkway, in Celina. The first phase of homes are scheduled to be complete in that project early in 2017.