The Perot family’s Hillwood Communities aims to start building a 3,200-acre housing and retail project in Denton, Texas, later this year.
In addition to 6,000 single family homes, the planned community along Interstate 35 will have about 1 million square feet of retail, according to Dallas Morning News. In the past 30 years, Hillwood Communities has developed sites for more than 40,000 homes, about a third of which has been along I-35. Home sales have gotten a boost from thousands of people relocating to North Texas from out of state.
Demand remains strong, according to Fred Balda, president of Hillwood Communities.
“Our Harvest community started selling homes in 2014 and at the end of the day, we will have about 4,000 homes built,” Balda said. “We’ve sold 2,450 homes this week.”
Development in North Texas has exploded in recent years. “We are dealing with incredible demand,” he said. “The millennials are now getting married, having kids and wanting to buy a home.”
Balda said Hillwood is looking at other potential sites in the Dallas-Fort Worth area. Other developers active in the region include BlackRock Realty Advisors.
Hunter Ranch is the latest major project by the Perot family in Texas. Earlier this month, Perot’s Hillwood Investment Properties bought just over 66 acres of rural land south of Houston.
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[Dallas Morning News] – Madeline Sperling