New Development Group Plans to Build Thousands of Homes in Kaufman County
A new development group plans to build thousands of homes in a master-planned community in fast-growing Kaufman County. Plano-based Main Square Development plans to build its Terra Nova development on more than 1,500 acres in Terrell along Griffith Road and County Road 245.
About the Terra Nova Development
The community will feature 3,400 single-family homes, 1,200 apartments, and 261 attached units in a fourplex. Home prices will range from $400,000 to $1.2 million. Lots will span a minimum of 50 feet, and the average lot price is $110,000, said the firm’s president Hugo Morales.
Amenities and Features
The planned development will also include 332 acres of parks and open space. Roughly 100 acres are set aside for commercial use. A 47-acre district — Terra Nova Village — will bring the city a much-needed mixed-use destination, Morales said.
Construction and Investment
Morales briefed members of the Terrell Planning and Zoning Commission on the project in late May. The firm plans to bring it before the body in July and before the Terrell City Council in August, he said. Construction may start later this year. Residential work will begin first. The first phase features over 200 lots along Griffith Road and includes road infrastructure work. Construction will take place over multiple phases.
Main Square plans to invest $110 million in major throughfares and trails. Another $24 million will go towards parks. Morales estimates the assessed taxable value of the full project at $1.2 billion. The firm could spend the next 16 years working on it, he said.
Market Trends and Opportunities
The development is Main Square’s first. Morales started the company early last year after spending nearly two decades at the planning and design consulting firm Kimley-Horn. As the region’s northern markets become more expensive, Main Square is looking in other fast-growing areas.
Kaufman County’s estimated population is just shy of 198,000. It increased by 6% from July 2023 to July 2024. Kaufman County is the second-fastest-growing in the nation among counties with more than 20,000 residents. “There’s only so many million-dollar houses you can sell in D-FW,” Morales said. “The sweet spot in the market is the $400,000 to $700,000. We feel like that’s the sweet spot, and the north is just kind of running out of opportunities to hit the sweet spot. The growth is spilling toward the east.”
Future Plans and Expansion
Terrell isn’t the only market where Main Square wants to focus. The firm owns more than 1,000 acres in Cedar Hill, and it wants to break into the Sherman market. Morales hopes Terra Nova will be the piece that drives further development in Terrell. “We feel that this community is going to be that catalyst for Terrell that is gonna allow for the city to grow healthy and create this opportunity,” he said. “We think it opens the door for Terrell to make that leap to a great community.”
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Conclusion
The Terra Nova development is a significant project that is expected to bring thousands of new homes and amenities to Kaufman County. With its strategic location and master-planned community design, it has the potential to drive growth and development in the area. As the demand for housing continues to rise, developments like Terra Nova are crucial in providing new opportunities for homebuyers and investors alike.
Frequently Asked Questions
Q: What is the Terra Nova development?
A: The Terra Nova development is a master-planned community located in Terrell, Kaufman County, that will feature 3,400 single-family homes, 1,200 apartments, and 261 attached units in a fourplex.
Q: What is the price range of the homes in Terra Nova?
A: The home prices in Terra Nova will range from $400,000 to $1.2 million.
Q: What amenities will be included in the development?
A: The development will include 332 acres of parks and open space, 100 acres of commercial space, and a 47-acre mixed-use destination called Terra Nova Village.
Q: When is construction expected to start?
A: Construction is expected to start later this year, with residential work beginning first.
Q: How long will the construction process take?
A: The construction process is expected to take place over multiple phases and could take up to 16 years to complete.
