The 682-acre Mustang Lakes community under construction northeast of Prosper is on the site of former Dallas mayor Robert Folsom’s thoroughbred horse farm.
Developers are turning the one-time family farm on Custer Road into a residential community called Mustang Lakes with nine lakes, over 60 acres of open space and 10 miles of trails.
As part of the new community, the Folsom family’s ranch house on the property will be repurposed as a community center. “It was a getaway place for the Folsom family,” Alexander said.
“The decision was made to keep the house for the history value and because of all the trees surrounding it. “We are expanding it to about 12,000 square feet overlooking a 5 to 6 acre lake.
“There will be a resort style pool and a lazy river leading down to a children’s pool.”
He said the developers have preserved large trees the Folsoms planted on the farm.
“We’ve moved 22 live oak trees between 17 and 22 inches in diameter,” Alexander said.
The builders selected for Mustang Lakes are Drees Homes, Highland Homes, K. Hovnanian Homes and Shaddock Homes.
“We think the prices will be starting in the $300,000s,” Alexander said. “We have some one-acre lots we think will be for homes around a million dollars.”
The property, which is three miles north of U.S. Highway 380, is in the area where the cities of Prosper, Celina and McKinney meet.