Our market south of LBJ is hot. But Denton County is rocking it, too, and even Frisco is starting to run out of land, even farm land. Now Mehrdad Moayedi’s Centurion American Development plans to build 1,800-home single family brand spanking new homes between Prosper and Celina on Frontier Parkway west of Preston Road. The first phase of lots will be available in the summer of 2016 in a development called Sutton Farms. This is the same Merhdad (St. Stoneleigh) who bought the Stoneleigh Residences out of bankruptcy and who also saved the Statler Hilton in Dallas — great man of real estate:
The planned Sutton Farms is the latest of a series of large residential community developments near Prosper and Celina. With builders running out of land for new home projects in Frisco, development is pushing farther north up Preston Road and the expansion route for the Dallas North Tollway.
Centurion American assembled several properties for its new Sutton Fields project.
“The key tract to the assemblage was a 320-acre property owned by Myers Financial with several other additional tracts totaling approximately 500 acres,” said real estate broker Rex Glendenning, who represents the Carrollton-based real estate developer.
“Centurion American is already developing the first phase of the Creeks of Legacy located on Frontier Parkway and Legacy Drive in Celina with approximately 500 lots,” he said.
Steve Brown at the Dallas Morning News says Centurion also snapped up another 112-acre single family home tract on Preston Road just north of Frontier Parkway in Celina, and plans to go vertical with 400 lots in a master planned development called Ownsby Farms.
Seems like it’s all farms gone development wild up there — this is the vicinity where our treasured Republic Property Group is building out Light Farms, which includes a public elementary school in the development.