Wylie-based developer Daydra Management has filed for Chapter 11 bankruptcy on The District, a master-planned, mixed-use community in Wylie which was set to include 34 townhomes, 149 apartments, and 200,000 square feet of commercial space.
The development is being overseen by Wylie-based real estate agency Heritage Properties and was pre-leasing for its commercial space prior to the filing.
At the time of writing, 95 percent of its townhomes were also pre-sold. According to the filing, the liabilities for the development’s ownership entity are estimated to be between $50 million to $100 million. Neither Daydra nor Heritage Properties could be reached for comment.
Wylie is currently one of the fastest growing suburbs in the Dallas-Fort Worth area, its population growing by 22 percent in the past three years to more than 60,000, and projected to reach 159,000 by 2026, according to the city.
The job market in Wylie has increased by 3.1 percent over last year, according to data from Daydra, and the current median household income of $100,308 is expected to rise 15 percent by 2026.
Home prices in the Dallas-Fort Worth market have reached record highs within the last year, having spiked earlier this year. The rapid population growth of the city suburbs has been the main driver of projects such as The District.
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