Hillwood Communities, a residential development company owned by Dallas businessman Ross Perot Jr., has purchased 400 acres in the Colin County town of Celina for a new community.
The property at the northeast corner of Coit Road and Frontier Parkway was acquired from the Wells family, which owned the land since before the Civil War.
Hillwood plans to build a $500 million, 1,250-home community on the property that will include parks, walking trails and sites for new retail and restaurants.