Huge project near Celina will be the largest new housing community in the northern suburbs of Dallas
A local developer, who is already the region’s largest community builder, has acquired a huge plot of land for what will be the largest new residential development in the northern suburbs of Dallas.
Centurion American Development Group has purchased 3,200 acres on the northwest side of Celina for a new community of 7,000 homes.
The sprawling residential development, which will be called Legacy Hills, will have approximately 4 miles of frontage on the Dallas North Tollway Extension Road.
In addition to single-family homes, Legacy Hills will house 4,000 apartments and 100 acres of commercial and retail buildings.
The property was purchased from an investment partnership that had owned the land for almost 40 years, said real estate broker Rex Glendenning, who negotiated the major sale.
“It is rare for an opportunity to acquire a multi-thousand acre planned mixed-use development with more than four miles of frontage along the Dallas North toll freeway and only 20 minutes from the business park. Legacy presents itself, ”said Glendenning, CEO of Rex Real Estate. “Mehrdad Moayedi has the vision to see how the new toll access will help transform this property into a truly world-class project. “
Legacy Hills will be Celina’s biggest new development, which is already in the midst of a residential construction boom.
“It will be a city within a city and will transform Celina,” said Glendenning. “I believe this property is perhaps the most beautiful development site I have had the opportunity to work on in my 40 years of brokerage.
“The property’s rolling hills combined with the beautiful tree cover along Little Elm Creek create a true Hill Country feeling while being just minutes from Dallas.”
Legacy Hills will feature an 18-hole championship golf course, a first for Celina. Plans for the new original community also call for a 27-acre sports park, walking trails and seven amenity centers to serve residents. Land is reserved for two schools and two fire stations.
“We expect Legacy Hills to become the most searched address in Collin County,” Centurion American CEO Mehrdad Moayedi said in a statement. “With a range of on-site amenities, a prime location and a large open space; this development will be a real life experience for future residents.
“We have worked with the best builders in the area to ensure Legacy Hills offers a diverse and impressive range of home sizes and styles. “
Centurion American Development Group has already lined up home builders including Ashton Woods, Beazer Homes, DR Horton, First Texas Homes, Lennar Homes, M / I Homes, and Mattamy Homes.
“They’ll cut the pitch by the end of spring and summer 2022,” Glendenning said. “You probably won’t have houses on the land until Spring 23.
“There is a section at the southeast corner that may go live in fall 22.”
He said the toll highway service roads will be completed to the property by next summer.
Glendenning negotiated the big land sale with Charlie Adams and Chase Adams of the Stratford Group representing the seller, the Dynavest partnership.
Trez Capital is Centurion American’s financial development partner.
Glendenning said the farm and ranch that would become Legacy Hills were once known as Cow Mountain.
“A ridge line crosses the property,” he said. “The market value of the Legacy Hills name is probably a little better than Cow Mountain, as the ancients called it. “
The big sale of land near Celina is just the latest in a series of major real estate purchases Rex Real Estate recently handled for Centurion American Development.
The developer has just acquired more than 1,100 acres in Kaufman County near Terrell for a 4,000-unit residential project. And in October, Glendenning organized the sale of another land for 850 homes on the west side of Celina on FM 428.
The Dallas suburban land rush has intensified over the past year with huge demand for new homes.
Single-family home starts in North Texas have increased by more than 40% so far this year. And builders and purchases of new neighborhood construction sites.