Tuesday, July 19, 2016

Frisco project will bring more than 3,000 homes and apartments

Newland's new Frisco community will be on Main Street west of Custer Road. (Newland)
A new Frisco development in the works will bring 1,800 homes and 1,400 apartments plus retail and office space to one of North Texas’ fastest growing areas.

American Newland Communities has teamed up with North America Sekisui House LLC, a subsidiary of a Japanese builder, to buy 729 acres on Main Street west of Custer Road in Frisco.
The new owners plan to break ground this year for the first single-family home community in the project, which will be ready in 2017.
“We are excited to announce the acquisition of this prime parcel of land in Frisco, and are dedicated to creating a thoughtfully-designed community that provides a positive lifestyle for our residents and the City of Frisco,” said Brian Cramer, Newland senior vice president.
The property Newland and its partner purchased is one of the last large undeveloped tracts in that area of Frisco.
“We were fortunate to get a hold of this land,” Cramer said. “The property is zoned and our first 253 lots are currently in process with the city.”
Cramer said the developers will seek to rezone the rest of the property to change the mix of construction.
He said homes in the first phase of development will be prices from more than $400,000 to above $600,000.
But Newland also plans some more affordable housing in the Frisco project.
“We are trying to capture a lot of different housing segments,” Cramer said. “We want some townhomes and smaller product starting in the high $200,000s hopefully.”
California-based Newland is already a major player in the North Texas home community market. It’s developed portions of the Stonebridge Ranch community in McKinney since 2003.
Newland and its partner are also building the 1,199-acre Canyon Falls community in Flower Mound and the 400-acre Hollyhock community in Frisco.
Sekisui House is Japan’s largest homebuilder and has built more than 2 million houses in Japan, Australia, China, Singapore and the U.S.
Newland has built or has underway 140 real estate developments in 14 states across the U.S.
Written by Steve Brown/Dallas Morning News