PILOT POINT, Texas — This story was originally published by our content partners at the Dallas Business Journal. You can read the original version here.
A Plano-based homebuilding and land development company recently purchased more than 550 acres in Pilot Point with plans to build a neighborhood of more than 2,000 homes.
Green Brick Partners Inc., which has built neighborhoods in Texas, Georgia and Florida, bought 557 acres in northern Denton County, just northwest of fast-growing Celina. It aims to bring more than 2,200 homes to the site along FM 1385.
Rex Glendenning and Caleb Lavey of Rex Real Estate represented both the seller and buyer. Financial terms of the deal, which closed Sept. 16, were not disclosed.
The Plano firm bought the land from a partnership led by Vijay Borra and DFW Land. In recent months, Borra has been purchasing swaths of land along the Dallas North Tollway in the northern reaches of Collin County, including in Prosper.
Jed Dolson and Bobby Samuel of Green Brick Partners led negotiations for the acquisition. Trophy Signature Homes is slated to be the project's primary homebuilder.
Price ranges for the single-family lots will be determined at a later date, Dolson said. Initial groundwork is expected to begin in late 2024, with some homes opening by mid-2026.
Green Brick is the second-largest homebuilder in Dallas-Fort Worth by starts, according to Dallas Business Journal research. Earlier this year, the firm announced Rainwater Crossing, a 550-acre property to feature nearly 2,000 homes, which marked its sixth community in the Celina area.
The firm is also working on completing Eastridge, a 2,400-home community in Princeton, with homes built by Trophy Signatures Homes and Meritage Homes.
Green Brick's planned Pilot Point neighborhood will be just north of the 1,050-acre Bryson Ranch neighborhood planned by Centurion American Development Group — precipitated by a land deal also negotiated by Rex Real Estate. Construction on this community is expected to begin in late 2024.
Green Brick's site offers easy access to a new Dallas North Tollway extension that opened about two years ago, Glendenning said, adding that the corridor north of U.S. Route 380 "has been on fire" for the last 10 years. The area is also about 30 minutes away from major amenities and entertainment districts in Frisco.
"Pilot Point has come along the toll road growth corridor — what we call the golden corridor, following the toll road and Preston," he said. "Pilot Point is now experiencing some of that same growth because of the access from ... white-collar demographics that follow the toll road."
Glendenning said the average cost of a home in Pilot Point is significantly cheaper than other fast-growing cities, such as Celina and Prosper, where new homes can list for more than $600,000 or $700,000. The median sale price of a home in Celina is $604,872, up about 3% from last year, according to Zillow.
With proximity to good school districts and major amenities and malls, families have started looking at Pilot Point instead, Glendenning said. The average price of a home in Pilot Point is $357,251, according to Zillow.
"Pilot Point is well positioned for exponential growth over the coming years," Lavey said in a statement.
