Developer Hillwood Communities has opened a new residential project in the Collin County town of Celina. Called Bluewood, the 250-acre development is planned for 900 homes priced from the mid $200,000s.
Builders in the new community include CalAtlantic Homes, D.R. Horton, Meritage Homes and M/I Homes.
Along with the home sites, Bluewood includes a resort-style pool, community parks with hike and bike trails and an on-site elementary school.
“Homeowners will have the unique opportunity to enjoy the best of both worlds: a small-town and family-friendly culture in a natural setting that still has easy access to major metropolitan areas.” Fred Balda, president of Hillwood Communities, said in a statement.
Hillwood is one of Texas’ largest residential developers, having built 80 communities for 25,000 homes.
Bamcap Partners provided more than $48 million in loans for the development starting in 2015.
The lender is seeking a forced sale of the property on the Dallas North Tollway to repay the debt, according to legal filings with Collin County. The foreclosure filing is just the latest stumble for the ambitious mixed-use project, which is part of Frisco’s much touted $5-billion mile.
The end of 2017 wrapped up with a bang. Due in no small part to Toyota and JPMorgan Chase occupying more than 3 million square feet of build-to-suit projects in Plano’s Legacy, Dallas-Fort Worth ended the year at 5.2 million square feet of positive absorption—the market’s highest annual number since the recession. More importantly, the end of 2017 saw our 23rd straight quarter of positive absorption, a streak that began in the second quarter of 2012.
As we outlined in the overview last quarter, the health of the current market is different than past cycles. Still, as one might expect, we are often directly asked by our clients and other investors, “How much gas does this cycle have left in it?” Or more indirectly: “We will likely pass on that deal; we just don’t know how much upside there is given where we think we might be in the current run.” Yet, the industry is still optimistic about where we are today, and what the next few years look like.
onstruction has started on a luxury apartment tower that will be the tallest building in Frisco.
Atlanta developer Novare Group bought a site from the developers of the Frisco Station project for the 25-story residential rental building along the Dallas North Tollway.
The tower will have 332 rental units and will be just north of the Dallas Cowboys’ new headquarters and practice field.