ANNA, Texas — Read this story and more North Texas business news from our partners at the Dallas Business Journal
Dallas-based Megatel Homes LLC recently began constructing a $1 billion residential community centered around a massive lagoon in Anna. Megatel aims for the second phase of the eight-phase project to be complete by the end of 2024, co-founder Zach Ipour said.
On April 2, Megatel held a groundbreaking ceremony for the massive master-planned community named AnaCapri, located just west of Anna High School. Anna is about 45 miles away from downtown Dallas and roughly 11 miles north of McKinney. The growing city has a population of around 30,000, and this development could add more than 7,000 new residents to the area, Ipour said.
Ipour said that getting AnaCapri to the construction phase involved the cooperation of many entities, including the city of Anna. Anna City Council moved the project forward after it approved the project in a regular October meeting last year.
He added the city of Anna is also an “ideal location” for people who work in Sherman, which has witnessed significant growth in the semiconductor industry and has contributed to Texas' reputation as a leader in chipmaking. Semiconductor manufacturing plants from Taiwanese-owned GlobiTech and Dallas-based Texas Instruments are emerging in the city that borders Oklahoma and employing many residents across North Texas.
More than 100 people have already moved into the new community, which was most of project's first phase. The builder plans to construct about 400 new homes by the end of the year as a part of its second phase. On average, home prices in the community are around $480,000 to $500,000, he said.
"Homes will continue to sell because we're building something different than anybody else," Ipour said, adding he does not know of another community like this in Anna. AnaCapri is named after a town on the Capri island off the coast of Italy.
However, the entire lagoon-anchored development, which is expected to bring up to 2,000 single-family homes and more than 600 multifamily units to the growing Collin County city, won’t be completed for the next five years, Ipour said. The project was initially estimated at around $800 million, but Megatel purchased more land to construct additional homes, driving up the cost to more than $1 billion.
Ipour also said the community's central amenity — the 2.3-acre artificial lagoon — will likely be filled with water by the end of the year. The lagoon portion of the community will have a 60-foot water slide, sand beaches, a surf machine, cabanas, a bar and restaurant that can seat up to 100 people. This feature will be available to those who don’t live in the community.
“This type of quality, resort-style lagoon master planned communities, there’s always demand for it because it’s unique,” he said. “You cannot get this anywhere else, especially in the suburbs.”
Additionally, families in the area are anticipating the arrival of a new elementary school that will join the Anna Independent School District system. The school, located near the future AnaCapri community, is currently under construction and should open in time for the 2025-26 academic year.
In addition to the area's quality school district, another draw to the community is the entertainment district that will accompany the lagoon amenity. It plans to span more than 45,000 square feet, complete with a bowling alley, arcade, event rooms, fitness centers and several restaurants. Ipour noted the company plans to hire 70 full and part-time employees to run the lagoon and entertainment section of AnaCapri.
AnaCapri community is Megatel Homes’ fourth lagoon community. Founded in 2006, Megatel has plans to build several other lagoon-anchored developments in North Texas, including the Bellagio in Forney and Sicily in Princeton. The company also plans to break ground soon on a $1 billion project in the Trinity Groves area of Dallas called SoHo Square.
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