DALLAS--(BUSINESS WIRE)--Hillwood Communities, a Perot company, today announced it is moving forward with a new residential community, acquiring 400 acres that have been in the same family since before the Civil War.
The land, which Hillwood acquired from the Wells family, is along the Preston Road corridor, at the northeast corner of Coit Road and Frontier Parkway, in Celina, Texas. David Davidson Sr. served as the broker for the transaction.
The project will entail a master-planned community of 1,250 single-family homes that includes resort-style amenities, multiple community parks, miles of trails as well as space for new retail, restaurants and other retail venues. The new community will be served by Prosper ISD.
“We are very excited to have the premier developer Hillwood develop a significant portion of our land,” said Celina Mayor Sean Terry. “Hillwood was our preferred developer because of their strong reputation and we are fortunate that they will be one of our first developers in the city.”
“What makes them a quality developer is their willingness to listen to the community and develop land that aligns with the culture of the neighborhood and creates an inviting community,” he said. “Our experience has been smooth and professional with Hillwood and we look forward to many more partnerships with them in the future.”
Hillwood plans to break ground on the development in January 2016, with the first phase of homes being completed early in 2017. The transaction was conducted between Hillwood Communities and the Wells’ family sisters, Marianne Wells, Katherine Wells Power, Nancy Wells Warder and Sarah Wells Macias.
Family members said they selected Hillwood because of its great reputation of developing first-class properties and its long-lasting and mutually beneficial partnerships with the sellers and community stakeholders. Also, they cited the Perot family’s deep history and contributions in North Texas, as well as its reputation for first-class developments.
“What we like is that they (Hillwood) don’t use a cookie-cutter approach,” said Marianne Wells, one of the landowners. “We decided to go with Hillwood because they are sensitive to the land and its history and that’s when we knew we couldn’t find anyone better (to sell the land to).“
Another motivating factor, she said, was the experience of Hillwood associates. “It was impressive that the average tenure of the people we worked with was 20 years,” she said.
The new community will be built using Hillwood’s LiveSmart principles: Sense of Community, Technology, Healthy Living, Environmental Stewardship and Education & Enrichment.
“Celina is poised to benefit from the tremendous growth happening in north of Dallas,” said Brian Carlock, senior vice president, Hillwood Communities. “We are pleased that the Wells family selected us as their partner and we look forward to building a new community that will enrich this region and community.”
The expected price range of homes is $300,000 to $500,000. The development’s 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. “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.”
Hillwood, a Perot company, is a premier commercial and residential real estate developer, investor and advisor of properties throughout North America and Europe. With a diverse portfolio of properties and home to many of the world’s leading companies, Hillwood is committed to bringing long-term value to our customers, partners and the communities we serve.
Hillwood is best known for its Alliance brand, featuring the 18,000-acre AllianceTexas, 2,000-acre AllianceCalifornia and 4,474-acre AllianceFlorida. Its founding project, AllianceTexas, has been hailed as one of the best mixed-use developments in the world, generating more than 40,000 jobs and $55 billion in local economic impact to date. Outside of AllianceTexas, Hillwood Investment Properties is focused on institutional-grade industrial/logistics properties and has developed and acquired more than 84 million square feet in North America and Europe.
Through its Communities division, Hillwood has delivered more than 24,000 single-family lots in 80 master planned communities. From single-family homes to high-end luxury vacation residences, Hillwood’s residential communities embrace the company’s LiveSmart principles, creating a sense of community while integrating technology, healthy living, environmental stewardship and education.
Hillwood also served as the lead developer of marquee projects nationwide, from the Air Force Memorial in Washington, to the Perot Museum of Nature and Science and the American Airlines sports arena in Dallas. For information, please visit www.hillwood.com.