Overland Grove will be a Highly-Amenitized, Multi-Phased Development
Wynne/Jackson, a Dallas-based real estate development firm that specializes in creating master planned developments, announced today the commencement of construction at Overland Grove in Forney, Texas between U.S. Highway 80 and Interstate 20 on FM 548.
The project has been named “Overland Grove” because U.S. Highway 80 was historically known as the “Overland Highway”, and ‘Grove’ because the project will be developed with a suburban “agricultural theme.”
Wynne/Jackson has been active in the Forney area since the early 2000s and refocused its efforts in Forney in 2014 because of its location in the path of growth, proximity to major employment centers, the quality of the schools, and the excellent level of services.
“It is a great city to raise a family, with an excellent school system, abundant parks, and an emerging historical downtown district. We are excited to have two of the top homebuilders in the country as the builders in the project,” Michael C. Jackson, VP and principal of Wynne/Jackson, Inc., said in a news release. “This will be the most sought-after master planned community in Forney thanks to the past 3 years of planning which will deliver a neighborhood rich in quality amenities and thoughtful design.”
Wynne/Jackson is partnering with a national private equity real estate investment group, RAM Real Estate Capital.
“RAM’s executives have operated in the residential real estate industry for decades and as such, take a long-term view of the sector” said RAM Senior Vice President, John Lincoln. “Partnering with Wynne/Jackson in this incredible development in Forney not only is squarely in-line with our investment objectives but also represents an outstanding opportunity for RAM to enter the DFW market with an exceptional partner.”
A development agreement was signed in April 2017 with the City of Forney and annexation and zoning of the property into the City occurred in the Fall of 2017, the news release said. The 336-acre property is planned for the development of over 1,000 single-family residential lots with an estimated economic value exceeding $300,000,000. The property plans to feature various lot sizes, residential design guidelines, open space, pedestrian trails, a proposed on-site elementary school, a community garden area, and a resort-style amenity center.
Taylor Morrison and CalAtlantic Homes have been contracted for all of the lots in the initial phase. Homes will be priced between $275K and $400K. Landmark Bank has provided construction financing for the first phase of 327 lots that are under construction, with an anticipated completion date of March 2019.
