A developer has acquired 550 acres for roughly 1,300 houses in North Texas that would make up the first piece of a massive mixed-use development to be built out over the next decade.
Centurion American Development Group plans to develop the single-family lots within 3,114-acre Preston Harbor in Denison, Texas, a city of about 27,000 residents 75 miles north of Dallas.
Centurion, a Farmers Branch, Texas-based company linked to projects across the Lone Star State, said it expects to start developing the Preston Harbor land in the coming weeks and turn the lots over to homebuilders before the end of 2026. It has not yet released the names of any builders.
Preston Harbor has nearly 10 miles of shoreline along Denison's Lake Texoma. Plans for the development include a marina, town center, shops and restaurants, hiking and biking trails and a Margaritaville hotel, according to master developer David Craig of Craig International. In addition, Centurion is planning a separate, 9.8-acre amenity center.
"This particular property deserves to be something very special, and it's going to be," Craig told Homes.com.
The city approved up to 10,000 homes, townhouses and condos, but Craig said he expects Preston Harbor to have closer to 7,500 housing units by the time it's finished in the next 10 years. While commuting to work in Dallas isn't out of the question for prospective buyers, the project would be more of a draw for remote workers and retirees, according to Craig.
Homes for 55-and-over buyers
Craig said he is negotiating with a major homebuilder for a 55-and-over component.
"We think that's extremely viable for lake living," said Craig, who acquired Preston Harbor in December 2023.
Centurion’s existing connections to homebuilders made it a logical land buyer, Craig said. He noted that his company plans to be deliberate in striking future property deals so that Preston Harbor builders aren’t directly competing against one another.
Economic uncertainty and buyers' affordability concerns have hampered new home sales and construction across the country.
Even Dallas, the nation's third-fastest-growing metropolitan area, isn't immune to the struggles, according to a recent report from the Residential Strategies consulting firm.
Craig’s cautious development schedule is ideal, given the current state of the industry and an excess supply of homebuilding lots expected in the Dallas region over the next six quarters, said Ted Wilson, principal of Residential Strategies.
"Builders are licking their wounds," he said.
