Hillwood, a Dallas-based development company founded by Ross Perot Jr., has purchased the 3,827-acre Sienna Plantation South property in Fort Bend County where it plans to build a 7,000-home community.
Plans for the land also include 300 acres for retail and commercial use and 100 acres for schools and churches. The company is preserving more than 1,000 acres for parks and open spaces.
The purchase is Hillwood’s first Houston project and the largest residential property it has ever purchased.
The project is part of the 10,500-acre Sienna Plantation development, located in Missouri City. Hillwood’s site is south of the Sienna Plantation Country Club between the Brazos River and F.M.521.
“Hillwood is fortunate to be in a position to acquire large tracts of land that are either already planned for single-family homes or are suitable for residential development,” said Fred Balda, president of Hillwood Residential. “With the current market conditions, our increased focus is particularly compatible with home builders, other residential developers and owners of large tracts of land who need a more aggressive exit strategy.”
Homes in Sienna Plantation South will be priced from $160,000 to $1 million.
Home builders have not yet been selected, but Hillwood has already started engineering and predevelopment on the property.
Construction of infrastructure is scheduled to begin in 2008 with the first lots set to be available by mid-2009.
In addition to its residential communities, Hillwood is best known for the 17,000-acre AllianceTexas mixed-use airport development near Fort Worth; the $420-million American Airlines Center in Dallas; and the Victory development in downtown Dallas.