Hillwood Communities, a residential development company owned by Dallas businessman Ross Perot Jr., has purchased 400 acres in the Colin County town of Celina for a new community.
The property at the northeast corner of Coit Road and Frontier Parkway was acquired from the Wells family, which owned the land since before the Civil War.
Hillwood plans to build a $500 million, 1,250-home community on the property that will include parks, walking trails and sites for new retail and restaurants.
Construction will start in January, with the first phase of homes being completed early in 2017.
“Celina is poised to benefit from the tremendous growth happening in north of Dallas,” Brian Carlock, senior vice president, Hillwood Communities, said in a statement. “We are pleased that the Wells family selected us as their partner and we look forward to building a new community that will enrich this region and community.”