New Residential Community to be Developed on the Shores of Lake Texoma
The firm behind a 3,100-acre development on the shores of Lake Texoma has tapped one of the region’s largest developers to create a new residential community with thousands of homes. Farmers Branch-based Centurion American Development Group announced Tuesday that it acquired 550 acres within the Preston Harbor development from Waterfall Partners, headed by David Craig, CEO of Craig International.
Development Plans
Centurion American has plans for nearly 1,300 homes within the development. Roughly 338 acres are planned for 1,184 residential lots, ranging from 50 to 60 feet. An additional 211 acres will feature 115 estate lots, each measuring approximately a half-acre to 7 acres. Many lots offer lake and greenbelt views.
Centurion American expects to break ground on the Grayson County project in the third quarter of 2025. Lots are estimated to be turned over to builders before the end of 2026. Builder and home price information will be released at a later date.
Additional Development
Additional acreage is designated for Denison Independent School District school campuses as well as fire and police facilities. Further development will include apartments as well, the firm said.
“Preston Harbor is poised to be one of the premier residential developments not only in North Texas but across the region,” Mehrdad Moayedi, CEO of Centurion American Development Group, said in a statement.
About Preston Harbor
Preston Harbor is a 3,114-acre parcel in Denison that includes 9.5 miles of shoreline along Lake Texoma. The $6 billion development is the largest of several projects in the works on the 90,000-acre lake about 75 miles north of Dallas. Waterfall Partners is the project’s master developer.
More than 7,500 homes ranging from multimillion-dollar estates to apartments are planned for the site. The massive mixed-use development will be anchored by a $150 million Margaritaville resort. Preston Harbor will also include retail shops, restaurants and a marina.
Impact on the Community
The development could add more than 18,000 residents to Denison.
“This is a big deal for Preston Harbor. This kicks everything off. We have enormous interest (in land),” Craig said. “No one can create the velocity of lot production like Mehrdad Moayedi.”
D-FW Real Estate News
Conclusion
The development of Preston Harbor is a significant project that will bring thousands of new homes and amenities to the area. With its prime location on the shores of Lake Texoma, the project is expected to attract a large number of residents and visitors. The addition of a Margaritaville resort, retail shops, and restaurants will make it a desirable destination for those looking for a relaxing getaway or a new place to call home.
Frequently Asked Questions
Q: What is the size of the Preston Harbor development?
A: The Preston Harbor development is a 3,114-acre parcel in Denison that includes 9.5 miles of shoreline along Lake Texoma.
Q: How many homes are planned for the development?
A: More than 7,500 homes ranging from multimillion-dollar estates to apartments are planned for the site.
Q: What is the expected completion date for the development?
A: Centurion American expects to break ground on the Grayson County project in the third quarter of 2025, with lots estimated to be turned over to builders before the end of 2026.
Q: What amenities will be included in the development?
A: The development will include a $150 million Margaritaville resort, retail shops, restaurants, and a marina, as well as school campuses, fire and police facilities, and apartments.
