National home builder plans project in Solana development

Posted Thursday, Mar. 28, 2013  comments  Print Reprints
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National home builder Toll Brothers has bought 75 acres at the northwest corner of Texas 114 and Dove Road in the Solana development for the construction of 95 single-family homes.

Toll Brothers bought the land, which stretches to Sam School Road on the west, from Mehrdad Moayedi, owner of Centurion American Development Group in Carrollton.

The land, in Southlake and Westlake, was part of 285 undeveloped acres that Moayedi took over from Maguire Partners-Solana Land L.P. last fall.

Last month, Moayedi sold 25 acres to Verizon Wireless at the northeast corner of Texas 114 and Dove Road. In January, he sold 8.2 acres on the north side of Texas 114 in Trophy Club to an Irving hotel developer.

Moayedi has said he plans to develop 169 acres at the northeast corner of Davis and Solana boulevards in Westlake.

That deal has 85 acres for the commercial development Westlake Vallecito and 84 acres for residential use.

Waleska Vega, a local Toll Brothers spokeswoman, said that the company expects to get the home sites by 2014 but that no timetable has been set for construction.

Southlake recently approved a zoning change on the property to allow for the development, she said. The project is called "Savannah Estates" on zoning documents.

Toll Brothers is not new to Northeast Tarrant County. It has built in several communities, including Southlake Woods, Estes Park at Southlake, Johnson Place and Shady Oaks.

Moayedi became the managing partner of Maguire Partners-Solana Land by bringing payments current on $25.2 million in notes taken out with CLG Hedge Fund in Plano.

The lender had posted the property for the July 2012 foreclosure auction.

Solana was held under different partnerships that financed the 900-acre development. A Wells Fargo subsidiary foreclosed on 122 undeveloped acres on the north side of Texas 114.

A state district judge in Tarrant County appointed a receiver in November 2011 to take control of leasing and operating the remaining land and buildings until the property can be sold.

Sandra Baker, 817-390-7727

Twitter: @SandraBakerFWST

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