Monday, August 27, 2012

Cityplace investor turns to Cedar Creek Lake

Back in 1990, when investor Don McNamara bought the 130-acre Cityplace property north of downtown Dallas, the local economy mas in deep recession.
McNamara knew that good real estate could survive any downturn if the ownership was strong enough.
It's hard to argue with hid success at Cityplace.
More than 20 years later, McNamara is moving ahead with plans for another project that was stalled by the latest recession.
His almost 1,000-acre tract on Cedar Creek Lake southeast of Dallas is being developed into a luxury home community.
In 2008, work crews began constructing a golf course residential development on the tract,
"The day Lehman Brothers failed, they shut the work down," said Christopher Kelsey, president of the project, which is now called LongCove. "What we were going to do wasn't going to work anymore.
Instead, the developers are building a 400-home neighborhood that will be more affordable to construct and maintain.
There will be a combination of smaller waterside cottages, larger home sites and a few big family compounds.

Steve Brown
Dallas Morning News