DALLAS — Read this story and more North Texas business news from our partners at the Dallas Business Journal
Despite a tricky capital market, Dallas-based Hillwood Communities managed to close last week on a significant deal: securing a ton of land on which to develop a nature-centric residential community in Celina.
The identity of the seller was not immediately disclosed.
The new neighborhood, which will feature about 4,000 single-family homes, is expected to break ground in late 2024 and open near the end of 2025, according to a Jan. 30 announcement.
This will be the fourth project in the fast-growing Collin County city of Celina for Hillwood. Its others are Bluewood, Lilyana and Glen Crossing, which was a joint partnership with Wynne Jackson.
The total investment is expected to be more than $2 billion, with homes expected to cost around $600,000 on average.
“We're trying to deliver a superior product at a somewhat affordable price,” said Brian Carlock, senior vice president at Hillwood.
This development will span 1,380 acres from Preston Road to Custer Road, just two miles north of quaint downtown Celina. Conceived during a three-day design and innovation workshop, Ramble is promised to feature rolling hills, lakes, parks and open spaces for an "immersive nature experience."
"Celina is a commuter-based community at this point — odds are pretty good you’re commuting into Frisco or one of the other employment centers, so when you retreat home, it’s about relaxation. How do you slow down for a moment and enjoy your home?" Carlock said. "There’s no better way than being outdoors ... and having activities embedded in nature."
Heavily wooded trails, thanks to the surrounding acres of mature oak trees, and a hill that marks the highest point in Collin County are just some unique elements of the property, Carlock said.
"Nature and trails are number one, number two in terms of most desired amenities, no matter where you are in the country," he said.
Amenities, including meeting areas and playgrounds, will be strewn throughout the development over time, in addition to future neighborhood retail development.
Homebuilders tapped for the neighborhood include American Legend Homes, Coventry Homes, Drees Custom Homes, Highland Homes and Perry Homes. Developers aim to build more than 700 homes by the end of 2025 as part of the project’s first phase of construction.
Neighborhood will add to Celina’s rapid growth
Ramble by Hillwood represents another step in the transformation of the North Texas city, an effort that has involved Hillwood Development Company LLC — founded in 1988 by real estate mogul Ross Perot Jr. — and many other businesses.
"Celina is one of the fastest growing cities in North Texas," Ted Wilson, principal of consulting firm Residential Strategies Inc., said in a statement. "Its current delivery of 2,500 new homes annually is projected to double in the next few years and that submarket has been particularly attractive to relocation buyers moving to the region."
Despite a tight construction market and widespread capital constraints, Hillwood's private ownership is advantageous when it comes to securing new property, Carlock said.
In addition to Ramble, Hillwood is expected to start delivering the Hunter Ranch neighborhood in Denton, Treeline in Justin and Legacy neighborhood in southeast Houston in 2025. It's also adding to three master-planned communities in North Texas: Pecan Square in Northlake, Union Park in Little Elm and Harvest in Argyle.
"We can put in our equity and required debt together, where I would say not many can actually do that," Carlock said. "I think that's why we've been successful with some of these large projects for the last 18 months. We're not so reliant on any kind of institutional capital."
Moreover, single-family home construction permits rose by 52% in Celina in 2023, with the city issuing a total of 2,503, according to data compiled by Tomlin Investments. The suburb was a bright spot for home construction in the region last year.
Carlock noted 2025 will represent Hillwood’s most active delivery year ever.
Hillwood was represented in the land purchase by David Davidson of Davidson Real Estate. The undisclosed seller was represented by Van Nichols of Nichols Land Company, who said his clients wanted to partner with a developer like Hillwood, which has a track record of building successful communities in Celina.
"It was important for us to collaborate with a respected local developer to realize our vision," Nichols said in a statement.