Dallas-Fort Worth Real Estate Investment and Development Group Purchases Land for $250 Million Mixed-Use Development in Celina
A Dallas-Fort Worth real estate investment and development group purchased land with plans for a $250 million mixed-use development in Celina.
DFW LAND’s Vijay Borra purchased 112 acres from the Choate family at the intersection of the Collin County Outer Loop and Preston Road. Borra did not disclose the purchase price.
Development Plans
The developer has retained Davidson Bogel Real Estate to target retail, medical, hospitality, and office users. Apartment units may also be developed on the site. The project will likely be anchored by a grocery store, Borra said.
He estimates his firm will invest $250 million into the development. Design work is underway, and the project could break ground next year. Borra said the group is already talking to a major tenant but provided no further information.
Location and Growth
He said the development is in a key part of Celina. The site is near two adjacent developments: a Walmart Supercenter-anchored project and a future H-E-B development.
Celina remains one of the fastest-growing cities in the nation. The city is home to just shy of 52,000 people, according to the latest U.S. Census estimates. Its population grew an estimated 18.2% over the last year — the fourth-highest rate in the United States for towns and cities with more than 20,000 residents.
Transaction and History
David Davidson Jr. and his father, David Davidson Sr., brokered the transaction. The sellers, the Choates, were early settlers of Collin County, dating back to the 1850s. They owned the famed Choate Family Pharmacy. Outlaw Clyde Barrow broke into the pharmacy in 1932 when he mistook the property for a neighboring hardware store.
Developer’s Vision
“I want to build something state-of-the-art — a new commercial center for the area,” Borra said.
The development is expected to bring new opportunities and growth to the area, and the city of Celina is likely to benefit from the increased economic activity.
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Conclusion
In conclusion, the $250 million mixed-use development in Celina is a significant investment in the area, and it is expected to bring new opportunities and growth to the city. With its prime location and state-of-the-art design, the development is likely to become a hub for commercial activity in the region.
Frequently Asked Questions
Q: What is the size of the development?
A: The development will cover 112 acres of land.
Q: What is the estimated investment in the development?
A: The estimated investment in the development is $250 million.
Q: What type of businesses will be included in the development?
A: The development will include retail, medical, hospitality, and office users, as well as apartment units and a grocery store.
Q: When is the development expected to break ground?
A: The development is expected to break ground next year.
Q: What is the current population of Celina?
A: The current population of Celina is approximately 52,000 people.
