Wednesday, June 25, 2014

$1.2B master-planned residential community set to open in Prosper

Windsong Commons Low Stone Columns sm

A much-anticipated $1.2 billion master-planned residential community in Prosper is preparing to open the initial phase of the 2,030-acre development near the Dallas North Tollway and State Highway 380 on Friday.

The opening of the first phase, named Windsong Ranch, couldn't come at a better time, with a rising demand for homes in the far North Dallas submarket because of big-time corporate moves such the world's largest automaker, Toyota Motor Co. (NYSE: TM), which is steering more than 4,000 jobs to West Plano within driving distance of Prosper.

The developer, Terra Verde Group, plans to open Windsong Ranch is on schedule Friday after a $5.1 million infrastructure project was completed that opened that portion of Prosper up to development.

The initial phase, which includes about 275 single-family homes, will market houses from the mid-$300,000s to $500,000s. Highland Homes, Drees Custom Homes and Darling Homes have their homes available for potential buyers.

Huntington Homes, David Weekley Homes and Chesmar Homes expect to open their model homes in the fall.

With a projected 10- to 15-year build-out of Windsong Ranch, the developer expects to construct 3,100 single-family residential lots, as well as 150 acres of mixed-use development and 550 acres of open space with native preserves, trails and parks. The development also includes a 50-acre Community Park.

Terra Verde Group bought the 2,030-acre tract from Forest City Enterprises Inc. for $29.8 million in June 2012.

Candace Carlisle- Dallas Business Journal