Hillwood Development, the real estate company founded by Ross Perot Jr. that is behind AllianceTexas in north Fort Worth, plans to build a 1,250-home master-planned community north of Dallas on land that had been in the same family since before the Civil War.
The 400 acres in Celina, north of Prosper in Collin County, were purchased from the Wells family, Hillwood said in a statement. The purchase price wasn’t disclosed. The total investment in the development, along the Preston Road corridor, will be about $400 million, the company said.
While home sales in parts of Texas have been affected by the decline in oil prices, demand in and around Dallas remains strong. The median home price in the Dallas area was $226,100 last month, up 13 percent from a year earlier, with the number of properties changing hands rising 4.4 percent, according to the Real Estate Center at Texas A&M University.
Hillwood is likely to break ground on the Celina project in January, with the first homes planned for completion in early 2017. Houses are expected to sell for $300,000 to $500,000 each, the company said. The development will include parks and trails, along with space for stores and restaurants.
The developer said its expected contributions towards the city’s tax base will exceed $500 million at build out.
“North Dallas is attracting high-profile company headquarters from around the world and this new community will benefit from that growth,” said Ross Perot Jr., chairman of Hillwood and The Perot Companies, said in a statement. “We are pleased that the Wells family has placed the trust in us to develop a first-class community for the residents of Celina, Texas.”