The Hills of Kingswood, a 480-lot subdivision, with homes priced from $400,000 to $3 million, will be located on the south side of Lebanon Road, east of F.M. 423.
Dallas' Southbrook Development and the Tower Group expect to break ground on the first 114-lot phase of the 330-acre development within the year.
"The property hasn't been developed, because it's landlocked," said John Zouzelka, chairman of The Tower Group. "We're spending money to bring an access road and two bridges in." The property is situated near heavily wooded Army Corps of Engineers land, surrounding Lake Lewisville. Zouzelka said the land's elevation places lots 60 feet above the trees. "The land is just so physically beautiful," he said.
At this time the plan is for the developer to focus on custom homes instead of parcelling the land out to builders.
"Some of the areas that have been the long-term producers for custom housing, like Starwood, Stonebriar Park and Chapel Creek, are all running out of lots, or will be over the next few years," said Ted Wilson, principal of Residential Strategies, an operation that studies the new-home business in the Metroplex.
Wilson said much of the new development is heading up to Prosper, with construction of the Dallas North Tollway pushing out toward U.S. 380. "I think what the Tower Group is going to try to do is target a certain segment of those custom buyers who want to live in Frisco," he said.
Click Here For The Latest News on The Hills of Kingswood in Frisco.
Comments(0)