The Partnership Plans to Develop 350 lots in a Two-Phased Development
DALLAS – July 21, 2016 – Hillwood Communities, a Perot company that specializes in creating master planned developments, announced today a joint venture with Dallas-based real estate development firm Wynne/Jackson. The newly formed venture acquired 119 acres in Celina, Texas, which has preliminary plat approval for development into a maximum of 350 single-family residential lots.
Wynne/Jackson began studying the area in 2014, focusing on this particular submarket because of its location in the path of growth in Celina and within Celina ISD. The appealing location between Preston Road and the Dallas North Tollway is one of the key factors that makes this tract ideal for a housing community.
The property was purchased from the Glendenning Family, who emigrated from Scotland to Texas in 1887. Tom Glendenning settled and farmed in Celina with his son, Don Glendenning, continuing the farming operation. The property has been held through three generations and the project is to be named “Glen Crossing” as a way to honor the Glendenning Family and their ongoing Celina/Collin County heritage.
Zoning of the property with the city was completed in February 2015, a Public Improvement District was created in April 2016 and the city of Celina approved the land as a tax increment reinvestment zone on June 14, 2016. The start of construction is planned for September 2016 and homes will be priced between $350K and $425K.
Two of the largest privately owned homebuilders in Texas, Horizon Homes and Perry Homes, will be the homebuilders in the project.
This is the first joint venture between Hillwood and Wynne/Jackson.
“Wynne/Jackson has been a top residential lot developer in the DFW market for years, and their expertise in this product type coupled with their ability to position the property in a manner that greatly reduced our market and entitlement risk proved to be the deciding factor in our participation in this opportunity,” said Fred Balda, president of Hillwood Communities. “We believe in the strength of the DFW market, which is why we join hands with experienced groups like Wynne/Jackson. We look forward to more partnerships like this in Dallas where we can leverage the expertise of our partners.
About Hillwood Communities
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.
Wynne/Jackson is a real estate development firm with a diverse background and a proven track record of successful developments and engagements over its near 35 year history. The principals have developed properties worth in excess of $1 billion and have provided asset and property management, leasing, marketing, and consulting services on over $1.5 billion of real estate developments and projects and over 10,000 residential lots. Headquartered in Dallas, Texas, Wynne/Jackson has operated on a regional basis throughout Texas and adjoining states.