Hillwood Communities to Break Ground on $600M Master-Planned Development in Little Elm, Texas
- Feb 05, 2014
Hillwood Communities continues feeding the growing demand for new homes in Texas with two master-planned communities starting development this year, including a $600 million, 787-acre community in the Dallas-Fort Worth suburbs.
Union Park, which will eventually have 2,400 single-family homes, should begin construction this spring along the U.S. Highway 380 corridor in Little Elm, Texas. The first phase will have 300 homes. The timetable for the remaining phases was not available.
The second Hillwood project to get under way this year will be Pomona, a 1,000-acre master-planned development in the Houston suburb of Manvel, Texas, along the rapidly growing Highway 288 corridor. It is also expected to break ground in the spring. Further details on Pomona were not available at press time.
Union Park will include a wooded, 30-acre park with trails, ponds and an open greenbelt as well as an amenity center and amphitheater.
“People really want open spaces more than anything else in a master-planned community,” Fred Balda, president of Hillwood Communities, said in a news release. “We were very deliberate in building this community around more than twice the required green space to promote a small town feel and encourage socializing.”
Union Park will be built in Denton County, one of the fastest growing counties in Texas. Little Elm has grown from a population of 3,646 in the 2000 U.S. Census to 25,898 in the 2010 U.S. Census and city officials say it is now between 26,000 and 27,000. It is near retail and employment areas of Legacy, Frisco, Plano, Denton University of North Texas and DFW International Airport. Lake Lewisville and Lake Ray Roberts are also nearby.
Prices are expected to range from $200,000 to $350,000, according to the Dallas Morning News.
“There is a large consumer demand in DFW that wants the high-end amenities like those at Union Park without a million dollar price point,” Ted Wilson, principal of Texas Housing Analyst Residential Strategies, said in a prepared statement.
Hillwood Communities, which has built 70 communities in the United States and Costa Rica, recently opened Harvest, a $1 billion mixed-use community outside Fort Worth, Texas. The 1,000-acre master planned community will eventually have 3,000 single-family homes. The initial phase of 323 homes was announced in November, 2012. Hillwood, a Perot company, is one of the top commercial real estate investors and developers in the U.S. and a top residential developer in the Dallas-Fort Worth Area. Harvest is located just north of Hillwood’s illHiAlliance Texas, 17,000-acre master-planned, mixed-use community.