5 Real Estate Developments to Watch in Collin County
As the Collin County metroplex grows, rivaling Dallas County, the face of the area is changing.
Many residents are moving in; others are trying to move further out in search of big yards. As working from home has become more acceptable due to the pandemic, developers are meeting the demand for more housing. They are creating ambitious new real estate developments across the northern metroplex.
The Texas Demographic Center has estimated that Collin County will have 2.4 million residents—other estimates claim 3.5 million—by 2050. It’s still estimated that about 82 new people move here every day. They’re not all coming to the major cities. Some are landing in Lavon. Others, in tiny Weston, a city of just over 500.
To keep up with ever-hungry demand, these are five major real estate developments which will change the horizon.
Weston, Texas will be the home of a Megatel Homes development, Venetian Lagoon. This $450 million residential community will boast 1,200 new homes, 300 apartments, and, of course, the manmade lagoon.
Megatel Homes, founded by a pair of brothers in 2006, is a premier homebuilder in the DFW metroplex. According to their website, Aaron and Zach Ipour cut their teeth by acquiring and flipping foreclosed houses in the area. Today, they lead a team of more than 200 people.
The lagoon, which will be built first, promises a swimming pool, cabanas, sandy beaches, even kayaking. There will also be a 15-acre complex with an entertainment center, a clubhouse, and a bowling alley. With over 200 lots secured for the first phase of development, construction on the lagoon is due to start within a couple of months.
The Venetian Lagoon community will cater to homebuyers who want to relocate to less dense areas. Single-family houses will range from 1,200 to 3,500 square feet, and homes in the Venetian Lagoon community will start at $250,000.
In the news release, one Megatel founder, Zach Ipour, said that this community will meet demand for life in a less dense area outside the metroplex, a “unique and luxurious waterside living experience in a suburban Texas location.”
In Lavon, Texas, best known for its lake, MA Partners is about to start the highly anticipated Elevon development, slated for early this year. MA Partners, a Dallas-based developer promises a $2 billion residential and commercial project with 1,500 acres and more than 4,500 single-family homes.
Stage one, the first 300 acres, starts in a matter of weeks. Fully built, it will also include an 80-acre business park and more than 100 acres of mixed-use construction.
Homes will sell at prices starting in the mid-$200,000s.
MA Partners, which currently has about 3,000 acres under development in the metroplex, has developed a variety of projects in Dallas-Fort Worth, Austin, and Houston.
“Wylie has been the most active market area and is now nearing build-out,” said Ted Wilson, principal with Dallas-based housing analyst Residential Strategies. “As a result, builders and developers are now pushing out Highway 78 into the Lavon area. Lavon’s annual start rate has recently surged to over 100 units and likely will continue to grow in coming quarters.”
Speaking of Allen, in the middle of the pandemic, Allen-based developer JaRyCo scheduled construction on The Farm in Allen, a new 135-acre mixed-use real estate development offering 142,000 square feet of retail, a 150-key hotel, 60,000 square feet of restaurants and townhomes, and 2,400 urban residential units.
“We are excited for the opportunity to partner with the Johnson family and transform their treasured farm into a world-class mixed-use project that will check all of the boxes for what the citizens of Allen need,” said Bruce Heller, the president of JaRyCo in the July 2020 announcement.
The property where The Farm is being built was once owned by the Johnson family, and was a working farm. JaRyCo says they will offer office, medical office and related facilities, urban residential living, lofts, retail, corporate headquarters, and senior housing, depending on the needs of the community. Their wish is that The Farm will grow organically.
The heart of The Farm is what the developers call the Central District. They designed it to have a “walkable spine,” spanning the entire project from east to west. In fact, every part of the development is within one and a half blocks of this central line.
In early 2021, in rapidly growing Anna, Texas, the first stage of the Villages of Hurricane Creek, will break ground. Farmers Branch-based Centurion American is behind the residential development, located along the Sherley Tract.
Once it’s fully completed, all 325 acres of prime real estate, Villages of Hurricane Creek will mean 984 single-family homes, 400 multi-family residences, 50,000 square feet of retail, restaurant and entertainment space, as well as a botanical garden, hiking trails and an amenity center for residents.
Anna is also getting another first, because the development includes plans for Anna’s first hotel.
In Frisco, a team of major developers have big, $10 billion plans. The Fields is a 2,000-acre mega development, from Legacy West developer Fehmi Karahan, Hunt Realty, Republic Property Group, Chief Partners LP, CrossTie Capital Ltd., and KDC. Of all the upcoming real estate developments, the Fields is the most ambitious.
Fields, a commercial and residential community will be on the Dallas North Tollway, a major metropolitan artery. Fully built out, it will have more than 10,000 homes and up to 18 million square feet of commercial space. The Fields will encompass the PGA of America’s new headquarters, two golf courses, and an Omni resort hotel. It’ll also be home to the University of Texas at Frisco.
PGA is already building. The two golf courses, which should open to the public in about a year and a half, are under construction. In March, Frisco Mayor Cheney called the project “the most monumental zoning case in Frisco’s history.”
The first residential neighborhoods, according to Karahan, will begin this year.