Dallas-based master-planned community developer Hillwood Communities, a Ross Perot Jr.-owned company, has closed on 244 additional acres in Celina from the Wells family to expand its $500 million, 1,250-home community. The deal is the second part of a land deal brokered by Hillwood Communities. Last year, the Dallas-based firm acquired 400 acres of Wells family land. "It was our good fortune to partner with the Wells family last year," said Perot, in a written statement. "Given the rapid economic growth in North Dallas, we are honored to develop another residential community on this historical land to present those moving to the city with a choice to live in a first-class community," he added.
All in, the expanded development totaling 644 acres is expected to cost $800 million at the build-out of 2,150 homes. Hillwood Communities senior vice president Brian Carlock said the master-planned community developer is actively seeking to partner with other landowners and cities in Dallas-Fort Worth and other major Texas metro markets to develop residential and mixed-use communities. The Wells family has owned the Celina acreage since before the Civil War. The Wells family decided to sell to the Perot family because of their deep-rooted history and contributions in North Texas. The North Texas city — and the recently acquired parcels — are located in the path of northward growth along the Dallas North Tollway and Preston Road.
The yet-to-be named community will price its new homes from $275,000 to $400,000. Construction is slated to start in September, with the initial phase of homes expected to be complete in late 2017.
- Dallas Business Journal, March 28, 2016