Homebuilder Scott Felder Homes DFW plans to get underway on a new $100 million single-family community within the $2 billion Legacy West development in West Plano.
The builder plans to close on a 12-acre tract of land by the end of the month and is cobbling together plans to build 126 detached single-family town homes.
"The land was originally zoned for townhomes, which was originally what was envisioned, but we thought a detached product would work a lot better," said Bobby Ray, who leads Plano-based holding company BR Homebuilding Group LP, which acquired Scott Felder Homes DFW last year.
"People prefer the detached homes rather than have a common wall with their neighbor," the longtime homebuilder told the Dallas Business Journal.
This isn't the first time Ray has worked on townhomes within Legacy Business Park. He also built the majority of the townhomes within the existing Legacy East and has a history of working with Legacy master developerFehmi Karahan.
At build out, the development — called Villas at Legacy West — will cost upwards of $100 million. The 126 homes will range from 1,900 square feet to 3,600 square feet of living space. The one-, two- and three-story townhomes could include rooftop decks for entertaining, he said.
The homes will be priced starting in the $500,000s. Ray said he's selected an architect and general contractor for the project, but declined to share names at this point in the development process.
"It's a different product with a contemporary slant to it," he added. "We already have 50 to 60 people who are very interested and excited about the product."
Scott Felder Homes DFW is also expanding to seven other communities in North Texas, including Frisco, Flower Mound, Prosper, Celina and Highland Village with more than 500 new home sites by the end of the year.
The builder has been buying land sites in Dallas-Fort Worth over the past year and is ready to make its North Texas debut, DFW Division President Blake Friesenhahn said.
Scott Felder Homes and BR Homebuilding Group is backed financially by Texas-based residential development finance REIT United Development Funding IV (NASDAQ: UDF). The REIT helped the group with the acquisition of Austin-based Scott Felder Homes.
Author:JP Piccinini Phone: 480-980-9025 Dated: October 8th 2015 Views: 326 About JP: JP Piccinini is CEO and Founder of JP and Associates REALTORS (JPAR), Founder and CEO ofOdasi Real E...
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