WHAT: Groundbreaking on one of the last phases of Twin Creeks, one of the largest and most successful master-planned communities in North Texas.
Hillwood Residential will break ground on 40 lots at the Twin Creeks community in Allen, Texas. Hillwood began developing the remaining portion of the 2,400-acre community in 2004. Twin Creeks is now home to more than 2,400 families.
Twin Creeks and the city of Allen have grown together since 1993, when development began. Twin Creeks is the largest residential community in the city. Over the past nearly two decades, Allen’s population has almost quadrupled from 22,728 in 1993 to more than 83,000 today. The number of people working in the city also has grown, from 4,200 in 1993 to 39,423 today. Approximately 25% of new closings in the area over the past 10 years have taken place at Twin Creeks.
Due to continued job growth in Allen and the quality of life in the city and in Twin Creeks, it is one of the few areas of North Texas that has a tight supply of single-family lots. While many sub-markets of North Texas have lots supplies of more than 100 months, Allen is one of only two DFW sub-markets approaching equilibrium (24 months) with a 29.4 month supply. In part due to the federal homebuyer tax credits, that supply is expected to drop in the next few months.
Despite the recent slump in residential real estate, there have been 450 housing starts in Allen over the past 12 months. The city of Allen added 500 jobs in 2009, and with the new Cisco Systems Data Center and the recent expansion by Experian, another 400 new jobs have already been created in 2010.
WHO: Ross Perot Jr., Chairman, Hillwood
Fred Balda, President, Hillwood Residential
Charles Nies, Vice President, Dal Briar
WHERE: The groundbreaking will be held at the corner of Shallowater Dr. and Walnut Springs. From 75 go west on W. McDermott Dr. to Twin Creeks Dr. Go right on Twin Creeks Drive to W. Exchange Pkwy. Go left on W. Exchange Pkwy to Lexington Ave. Go left on Lexington Ave. to San Jacinto Dr. Go right on San Jacinto Drive to Walnut Springs Dr. Go left on Walnut Springs Dr. Shallowater Dr. is the next street.
WHEN: Wednesday, March 10 10:00 a.m., lunch will be provided after program
Contact: Dave Pelletier, Hillwood