NORTHLAKE, Texas--(BUSINESS WIRE)--Hillwood Communities, a Perot company, announced today it has closed on its largest residential development – Pecan Square in Northlake, Texas. The $1.5 billion mixed-use, master-planned community will consist of more than 3,000 homes, including 609 lots in the first phase.
On 1,157 acres near the southwest intersection of I-35W and FM 407 in Northlake, Pecan Square will include a mix of commercial retail, educational and residential uses, highlighted by home prices ranging from $270,000 to the $500,000s on a variety of lot and home sizes.
Eight builders have been selected for the development representing a variety of products from 40’ lots to one-acre lots. These builder partners include Ashton Woods, CalAtlantic Homes, DR Horton, David Weekley Homes, Highland Homes, Perry Homes, Plantation Homes and Pulte Homes.
Honoring Northlake’s rural heritage, Hillwood Communities will preserve the two rows of 200 pecan trees. These trees will welcome residents and visitors alike along the main drive connecting FM 407 to “Pecan Square,” the heart of the community that will resemble a classic town square found throughout many regions of North Texas. The square will be anchored by an existing horse training arena that will be repurposed as a multi-use amenity open to residents and community members.
“Pecan Square is one of the largest master-planned communities we have developed in our 25-plus year history. It is in a perfect position to offer a wide variety of home prices in a high-quality master-planned community within a tremendous school district,” said Brian Carlock, senior vice president of Hillwood Communities. “Northlake has a wonderful quality of life and happens to be in one of the highest growth areas in North Texas.”
As part of the transaction, Hillwood Communities donated 15 acres to Northwest ISD for an onsite elementary school. An additional 150-acre tract has been sold to Northwest ISD, which plans to use it for a new middle school, high school and football stadium.
“On behalf of the Northwest ISD Board of Trustees and our district’s faculty and staff, I sincerely appreciate Hillwood Communities’ commitment to our region,” said Ryder Warren, superintendent of Northwest ISD. “Our goal is to make our 23,000-plus students ‘Future Ready,’ and the relationship we maintain with Hillwood totally supports that aspiration.”
Carlock said the variety in home sizing suits owners of different lifestyles and stages of life, including first-time buyers, growing families and empty nesters. Pecan Square will break ground in spring 2018 and the homes are expected to be available for purchase in summer 2019.
Northlake is surrounded on three sides by the region’s growth surge – Fort Worth, Denton and Argyle/Flower Mound. With easy access to major transportation hubs like I-35W, Alliance Airport and Dallas/Fort Worth International Airport, Northlake is a prime spot for development.
“We all recognize growth is coming to the region. We are pleased Hillwood Communities embraces the town's comprehensive land use plan as we successfully manage the inevitable growth,” said Northlake Mayor Peter Dewing. “Hillwood Communities shares our vision of honoring Northlake’s rural legacy while attracting a multi-generational, family-oriented and highly engaged community on land that is both restorative and productive."
Pecan Square is across FM 407 from Hillwood Communities’ Harvest development, known in part for its farming and gardening. For more information on Pecan Square, visit www.PecanSquarebyHillwood.com.
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.
Through its Communities division, Hillwood has delivered more than 25,000 single-family lots in 80 master-planned communities that continue to raise the bar in terms of quality, innovation, and the unmistakable sense of community that sets each property apart. Before laying the physical groundwork for any new residential development, Hillwood Communities takes the time to focus on the ideals that draw people together — and the everyday interactions that strengthen those bonds. By purposefully designing its walkways, gathering spaces, and structural amenities to spark spontaneous encounters and foster shared interests, Hillwood Communities creates community in every sense. For more information, please visit www.hillwoodcommunities.com.