LandPlan dives into Prosper with 2,500 High-end homes
LandPlan latest developer to dive into Prosper
Brookhollow to have 2,500 high-end homes
Dallas Business Journal - May 12, 2006
Jerry Jones isn't the only one moving into Prosper.
A few weeks ago, the Dallas Cowboys owner inked a deal to develop 500 acres on the north side of U.S. 380 at Preston Road, via his real estate company, Blue Star Land L.P.
Now LandPlan Development Corp. is joining the party.
The Frisco-based company plans to develop about 2,500 residential lots in Brookhollow, a 1,300-acre project east of
Jones' property and north of U.S. 380 between Coit and Custer roads. A section of the land along the highway has been set aside for commercial uses, such as retail, office, medical-office, multifamily and townhome.
The 27-square-mile town of Prosper is situated north of Frisco and northwest of McKinney. Jim Williams said he and his LandPlan partner, Bruce Smith, began buying up land in the tiny burg about three years ago.
So far, they've put together 10 transactions to get to the 1,300-acre total. They've closed on 600 acres and expect to close on the remaining 700 acres within a few weeks. Williams declined to reveal purchase prices for the various parcels.
"My philosophy on buying land is to be ultra-conservative," he said. "We started with 100 acres. I lived through the 1987 crash, so it's hard for me to sign notes when I don't know what's going to happen in the future. But I've become more and more comfortable with the decision to buy in Prosper as time has gone on."
His comfort level is increased, Williams said, by three things: the extension of the Dallas North Tollway to U.S. 380, which is expected to be completed by September 2007; North Texas Municipal Water District's planned expansion of area sewer systems, and the fact that Stonebridge Ranch, the massive residential development adjacent to Brookhollow in McKinney, to the southeast, is projected to be sold out of lots by the end of next year.
LandPlan aims to begin development work at Brookhollow this year, with lots available sometime in the second half of 2007. Homes will start at about 3,000 square feet and range in price from about $300,000 or $400,000 up to $3 million-plus. 'Scramble for land'
Ted Wilson, partner at Residential Strategies Inc., said the custom-home market there is on fire.
"The upper end of the market has been very strong," he said. "Sales for homes in the suburbs priced at $500,000 and above are up 38% over last year, for the 12-month period ending March 31."
Wilson said lot prices are escalating due to the "scramble for land" by developers.
"Prosper is going to be a pretty good alternative price-wise," he said.
Karen Gandy, executive director of the Prosper Economic Development Corp., said the town is the fastest-growing among cities in a four-county region. Population grew 28% from 4,000 in 2004 to 5,200 in 2005.
"Everyone has found Prosper -- it's a great place to live," she said. "There's more of a rural atmosphere here, and it seems to appeal to a lot of folks migrating to the north."
Williams and Jones have known each other for years. Both were teammates on the University of Arkansas' 1964 NCAA national championship football team, and both are Arkansas natives. Williams' hometown is Warren, Ark., which had a population of about 6,000 when he was a child.
"The strange thing for me is, we'll probably have more people living on this property than I did in my hometown," Williams said.
'Scramble for land'
Ted Wilson, partner at Residential Strategies Inc., said the custom-home market there is on fire.
Search All Homes in Frisco and Prosper
Sell your Prosper or Frisco Home
Brookhollow to have 2,500 high-end homes
Dallas Business Journal - May 12, 2006
Jerry Jones isn't the only one moving into Prosper.
A few weeks ago, the Dallas Cowboys owner inked a deal to develop 500 acres on the north side of U.S. 380 at Preston Road, via his real estate company, Blue Star Land L.P.
Now LandPlan Development Corp. is joining the party.
The Frisco-based company plans to develop about 2,500 residential lots in Brookhollow, a 1,300-acre project east of
Jones' property and north of U.S. 380 between Coit and Custer roads. A section of the land along the highway has been set aside for commercial uses, such as retail, office, medical-office, multifamily and townhome.
The 27-square-mile town of Prosper is situated north of Frisco and northwest of McKinney. Jim Williams said he and his LandPlan partner, Bruce Smith, began buying up land in the tiny burg about three years ago.
So far, they've put together 10 transactions to get to the 1,300-acre total. They've closed on 600 acres and expect to close on the remaining 700 acres within a few weeks. Williams declined to reveal purchase prices for the various parcels.
"My philosophy on buying land is to be ultra-conservative," he said. "We started with 100 acres. I lived through the 1987 crash, so it's hard for me to sign notes when I don't know what's going to happen in the future. But I've become more and more comfortable with the decision to buy in Prosper as time has gone on."
His comfort level is increased, Williams said, by three things: the extension of the Dallas North Tollway to U.S. 380, which is expected to be completed by September 2007; North Texas Municipal Water District's planned expansion of area sewer systems, and the fact that Stonebridge Ranch, the massive residential development adjacent to Brookhollow in McKinney, to the southeast, is projected to be sold out of lots by the end of next year.
LandPlan aims to begin development work at Brookhollow this year, with lots available sometime in the second half of 2007. Homes will start at about 3,000 square feet and range in price from about $300,000 or $400,000 up to $3 million-plus. 'Scramble for land'
Ted Wilson, partner at Residential Strategies Inc., said the custom-home market there is on fire.
"The upper end of the market has been very strong," he said. "Sales for homes in the suburbs priced at $500,000 and above are up 38% over last year, for the 12-month period ending March 31."
Wilson said lot prices are escalating due to the "scramble for land" by developers.
"Prosper is going to be a pretty good alternative price-wise," he said.
Karen Gandy, executive director of the Prosper Economic Development Corp., said the town is the fastest-growing among cities in a four-county region. Population grew 28% from 4,000 in 2004 to 5,200 in 2005.
"Everyone has found Prosper -- it's a great place to live," she said. "There's more of a rural atmosphere here, and it seems to appeal to a lot of folks migrating to the north."
Williams and Jones have known each other for years. Both were teammates on the University of Arkansas' 1964 NCAA national championship football team, and both are Arkansas natives. Williams' hometown is Warren, Ark., which had a population of about 6,000 when he was a child.
"The strange thing for me is, we'll probably have more people living on this property than I did in my hometown," Williams said.
'Scramble for land'
Ted Wilson, partner at Residential Strategies Inc., said the custom-home market there is on fire.
Search All Homes in Frisco and Prosper
Sell your Prosper or Frisco Home
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