DENISON, Texas — Developers bought more than 3,100 acres on Lake Texoma in Denison, about 75 miles north of Dallas. And plans for the land include a master-planned community and Margaritaville resort.
More than 7,500 homes, including luxury single-family and multi-family homes, a resort hotel, retail, restaurants, and an upscale marina are planned for the Preston Harbor community in Denison, according to a press release. The project’s estimated value is about $6 billion.
“This is a monumental project for North Texas and one of the largest land purchases in Grayson County history,” said David H. Craig, CEO of Craig International, the developer. “Preston Harbor will transform Denison, opening the entire west side of the city to the 90,000-acre Lake Texoma. Not only do we have 9.5 miles of shore frontage on Lake Texoma, but there are also 27 internal lakes, with four lakes greater than 25 acres, as well as trees and topography, which will make Preston Harbor a stunning premier destination. We have been working diligently with the city to move this project forward and have a great partnership with Mayor Janet Gott, the City Council, and the City of Denison.”
Denison Mayor Janet Gott said the development will "reshape our entire region and provide a level of economic impact that very few cities will ever experience."
“It took 20 years of dedicated leadership, a can-do attitude, a spirit of collaboration, and a focus on results to position our community as a partner in such a once-in-a-lifetime project,” said Denison Mayor Janet Gott. “Denison’s economic strength and competitiveness will be enhanced for decades to come. Preston Harbor will establish Denison as the leader in the Texoma region, providing quality housing options, more lake access, recreation, new retail, and job opportunities. It perfectly aligns with our vision of creating quality of life for those who choose Denison as their home.”
Craig International, which developed the Craig Ranch community in McKinney, partnered with the Choctaw Nation, Dave Johnson, founder and former CEO of Plano-based Aimbridge Hospitality, and N9 Capital Partners on the Preston Harbor project.
“The Choctaw Nation is thrilled to be part of this investment into the North Texas economy and to partner with world-class developers on this incredible project that will have a powerful impact on Southeastern Oklahoma, North Texas, the City of Denison, and Lake Texoma for years to come,” said Choctaw Nation of Oklahoma Chief Gary Batton.
Craig International also announced a $100 million Margaritaville resort for Preston Harbor. Horizon Capital Partners, founded by Johnson, will develop the location, per a news release.
“The Margaritaville brand is the best in the industry and there is nothing like this in the Texoma area,” said Johnson. “We wanted a hotel partner with a reputation for delivering fun and laid-back luxury, which reflects the overall feel of Preston Harbor.”
“We’re excited about our continued growth throughout the state of Texas and look forward to working with Craig International and the city of Denison to create a world-class destination with a Margaritaville vibe on Lake Texoma,” said Margaritaville President of Development Jim Wiseman.
Preston Harbor is finalizing planning and engineering, according to a news release, and groundbreaking is slated for late this year.
The announcement comes shortly after Hard Rock announced plans for a hotel and conference center on the Oklahoma side of the lake, and The Chickasaw Nation opening West Bay Casino and Resort overlooking Lake Texoma near Kingston last spring.
The project is also within 50 miles of both the Chickasaw Nation’s Winstar World Casino and Resort in Thackerville near the Texas-Oklahoma border and Choctaw Casino and Resort in Durant.