Crescent Resources Acquires 250 Acres For New Residential Community Development of Master-Planned Community of 700 to 800 Homes to Start in 2014
DALLAS, Oct. 9, 2012 /PRNewswire/ -- Crescent Resources, LLC, in partnership with Taylor Duncan Interests, Inc., a Dallas-based land developer, has acquired 250 acres for a new single-family residential community in Oak Point, Texas, just north of Dallas. Planning is under way for a master-planned community of 700 to 800 single-family homes, and development is expected to begin in the next 18 to 24 months.
"Dallas-Fort Worth is one of the most attractive housing markets in the country, and the Oak Point property is well-positioned to satisfy the demand for new housing in north Dallas," said Andy Carmody, president of the residential division for Crescent Resources. "Close to major roads, employment centers, good schools and all the recreational opportunities of Lake Lewisville, this is an exceptional location for a new master-planned community. We are actively planning a community that will offer residents a thoughtful land plan, attractive amenities and a high-quality lifestyle."
The Denton County, Texas, property is in the sought-after Peninsula area on the shores of Lake Lewisville, situated within the booming U.S. Hwy. 380 corridor. The property fronts Shahan Prairie Road, one-quarter mile east of FM 720. It offers easy access to I-35E to the southwest via the Lake Lewisville toll bridge.
"This desirable property features lake frontage, numerous large oak trees and scenic vistas," said Steve Yetts, senior vice president of Crescent Resources. "The Peninsula previously had limited access, but the new Lake Lewisville toll bridge and the El Dorado Parkway extension now provide easy access to the Oak Point site."
The development will include a community amenity center and two- and four-acre ponds for residents to enjoy. Crescent plans to preserve a rock house and several other existing buildings for community gathering spots, and the plan also includes natural parks, walking trails, a swimming pool and other amenities. Oak Point Elementary, which opened in 2008, is directly across from main entrance of the proposed development.
"We have very strong interest from leading home builders in the region," added Yetts. "This is one of the first master-planned communities in the Peninsula area, and there is a demonstrated need in the market for new homes offering lifestyle and value."
Crescent expects prices to range from the mid-$200,000s to the $300,000s. According to the Housing Update and Economic Outlook by Metro Study, the Oak Point submarket is expected to reach equilibrium within 12 months, increasing the demand for homesites that support new home construction in this price range.
About Crescent Resources, LLC
Founded in 1969 and based in Charlotte, Crescent Resources is a diversified real estate development and operating company. The company conducts business through four divisions in growing markets in the Southeast and Texas and has a long history of developing high-quality residential communities and commercial assets. Currently, Crescent has 19 master-planned communities and seven multifamily communities with 2,200 units under development and an additional 2,900 multifamily units in predevelopment. Crescent owns more than 75,000 acres of land across its four divisions, including 1,400 acres zoned for a variety of commercial uses. Visit www.crescent-resources.com for more information.
About Taylor-Duncan Interests, Inc.
Taylor-Duncan Interests, Inc. was founded in 1992 by its principals, Larry Taylor and Phillip Duncan. The company specializes in residential development, including the acquisition, design, entitlement and construction of communities in Texas and other select markets. The firm is currently involved in projects in the Dallas, Nashville and San Diego areas. For more information about Taylor-Duncan, visit www.taylorduncan.com.
SOURCE Crescent Resources, LLC