News Article | 8/16/2006

At Inwood and Royal, a neighborhood for the elite is in the works

Hillwood Residential – the Perot family’s community building company – is shopping for 17 well-heeled buyers who want to live in Preston Hollow.

After months of negotiation and planning, the developer has purchased 22 acres at the southwest corner of Inwood Road and Royal Lane, where it is going to build an exclusive neighborhood.

Houses in the project are expected to sell for between $4 million and $12 million.

Called the Creeks of Preston Hollow, the project is on land purchased from Dallas billionaire Kenny Troutt.

Mr. Troutt had planned to build a megamansion there before deciding to put the lot up for sale last year with a price tag of $28 million.

No word on how much Hillwood Residential paid for the vacant property, which previously had seven houses on it.

Allie Beth Allman and Sherwood Blount negotiated the sale.

“We expect to start our development in a couple of weeks and deliver the lots in early summer of next year,” said Fred Balda, president of Hillwood Residential. “We have secured three of our four builders for the project.

“We will have a combination of spec homes and custom-build jobs,” Mr. Balda said.

Builders Platinum Series Homes, Calais Homes and Geoffrey Grant Homes have signed up for the gated community.

Mr. Balda said the lot prices would range from $1.5 million to $3.5 million.

Even with the steep price tag, the Inwood Road property isn’t the most expensive neighborhood Hillwood Residential has in the works.

“We are building a community in Jackson Hole, and the lots there average $9 million or $10 million,” he said.