After five years of in-depth planning, Dallas-based Taylor-Duncan Interests LLC and Crescent Communities of Charlotte, North Carolina, have started on a $335 million master-planned residential community in Denton County.
The 385-acre project in Oak Point on the shores of Lake Lewisville is expected to bring 1,194 single-family homes to the growing infrastructure on the U.S. 380 corridor, said Larry Taylor, a partner at Dallas-basedTaylor Duncan Interests, which partnered up with Crescent Communities in 2012 in preparation for the long-awaited start to the multimillion-dollar project.
“We bought the property in 2004 and we were planning on developing it back then, but because of the real estate downturn we put the plans on the shelf and waited for the infrastructure to grow,” Taylor told the Dallas Business Journal.“The popularity of the area has soared and, now, the timing couldn’t have been better.”
That’s something Steve Yetts, senior vice president at Crescent Communities’ Dallas office, agreed with.
“The emerging Oak Point submarket is well positioned for success due to the increasing demand for unique home sites that will fall within our anticipated pricing,” Yetts said.
The master-planned development’s homes will be priced from the $230,000s to the $450,000s. The property — known as Wildridge on Lake Lewisville — is also near the 6-year-old Oak Point Elementary School.
Plans for the community include a pool, parks, walking trails, natural ponds and other resident amenities that bring residents into the natural topography of the tract adjacent to Lake Lewisville. At least a third of the community will back up to natural areas maintained by the Corps of Engineers, which will remain natural for the foreseeable future.
The development group plans to officially break ground on those homes next week. The community’s builders include Highland Homes, K. Hovnanian Homes and MHI Homes.