Ross Perot Jrs Hillwood Communities To Build 500M Masterplanned Community In Celina

Ross Perot Jrs Hillwood Communities To Build 500M Masterplanned Community In Celina

Hillwood Communities — a Ross Perot Jr. company — has acquired 400 acres from the Wells family in Celina with plans to develop a $500 million, 1,250-home master-planned community.

Terms of the acquisition were not disclosed.

Hillwood Communities has other master-planned developments on the ground in North Texas, including Harvest north of Fort Worth.Enlarge

Hillwood Communities has other master-planned developments on the ground in North Texas,… more

JAKE DEAN

The Wells family had owned the land at the northeast corner of Coit Road and Frontier Parkway near Preston Road since before the Civil War. David DavidsonSr. brokered the land deal.

"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, in a statement.

The Wells family selected Hillwood as the buyer of the acreage based on the company's reputation, 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)," Wells added.

Other family members — Katherine Wells Power, Nancy Wells Warder and Sarah Wells Macias — sold the property to Hillwood Communities.

The 1,250 homes are expected to be priced from $300,000 to $500,000 a residence, with an expected build-out cost of $500 million.

The master-planned community will also include resort-style amenities, multiple community parks, miles of trails and retail and restaurant space. Prosper ISD is the school district for the acreage.

Celina Mayor Sean Terry said the community was excited for Hillwood's new development and Celina was fortunate to have the North Texas firm as one of the first developers in the city.

Hillwood plans to break ground on the development in January, with the initial phase of homes delivered in early 2017.

Dallas-Fort Worth developers are furiously building northward to accommodate a growing need for homes in the northern portion of North Texas.


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Dated: November 24th 2015
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