All eyes are on the fiery hot North Texas real estate market, even from 7,000 miles away: A luxury new housing and commercial development in Corinth is underway, backed by an entrepreneur based in Beijing, China.
The Long Lake development is located about 34 miles from downtown Dallas, in Denton County. This 107-acre enclave will have 91 acres dedicated to 99 single-family homes, ranging from $1.1 million to $3 million and up. In its center is a 15-acre lake, and commercial development is planned for later phases.
The development is backed by Lelege USA, a corporation focused on real estate development and management in DFW. It is owned and chaired by entrepreneur Long Zhang, who also owns Lelege Group (Beijing Capital Group Investment, Ltd.), a multibillion-dollar corporation headquartered in Beijing. Lelege Group is a diversified investment firm with worldwide branches engaging in real estate, mining, wealth management, high-tech IC foundry, pharmaceuticals, and cultural art collections. It has total assets of over $3 billion under management and nearly $2 billion in services and management.
“There is a lot of Chinese investment money moving in the U.S. and [Zhang] has looked in the hot real estate markets,” said Scott Hogg, Vice President of Investor Advisory Services, Virginia Cook, Realtors. “He found this property in Corinth up on the lake and had a vision of developing something where they could invest in million-dollar residences in the U.S.”
Phase one is underway, with 11 lots for sale. The two builders currently working on the development are Ron Davis Custom Homes and Bella Vida Custom Homes. The project is slated for completion in early 2018.
“They will break ground on the property as soon as we get the first lot sold,” said Hogg. “We are marketing these homes and we have clients looking at Ron Davis and Bella Vita model homes that can be built in Corinth. Lelege has their own in-house builder, as well, with a group of architects and house renditions, and all of those come from Tsinghua University.”
Houses in the gated community will be offered in three ranges. At the top, with lot prices of $1.02 million and home prices of $3 million and up, the houses will be 9,200 square feet and larger on 3.93-acre lots. In the mid-range, lot prices will be $385,000 with houses priced $1.5 million and up, with 6,500 square feet of interior space on a 0.71-acre lot. The low-end of the range offers $230,000 lots and $1.1 million homes with 5,500 or more square feet sitting on half an acre.