A $7 billion master-planned gamble on Lake Texoma is shifting from vision to reality as Centurion American Development Group starts its first neighborhood inside the 3,100-acre development.
Mehrdad Moayedi’s Centurion American is planning 1,300 homes in its initial slice of the development, called Preston Harbor, the Dallas Morning News reported.
The Farmer’s Branch-based firm bought 550 acres this summer from master developer Waterfall Partners, led by Craig International CEO David Craig.
It’s a pivotal step for Denison, where the project is expected to double the city’s size and pull major North Texas builders closer to the Oklahoma border.
Moayedi and Craig — friends for 45 years — said the broader project’s value has now crept toward $7 billion, $1 billion more than prior projections.
Behind those top-line numbers is a staggering volume of housing.
Centurion holds 1,184 conventional lots across 338 acres, plus 115 estate lots ranging from half an acre to more than 7 acres. Estate sites have drawn early interest prompting a targeted release next spring, Craig told the outlet.
Lot deliveries to builders are expected before the end of next year, and Craig estimates Preston Harbor could ultimately support up to 10,000 homes. Apartments will play a supporting role with fewer than 1,500 planned.
The lake is the star attraction — Preston Harbor controls 9.5 miles of shoreline — but the northward push isn’t just about water views.
Moayedi pointed to billions of dollars in semiconductor investment from Texas Instruments and GlobalWafers in nearby Sherman, which has pulled residential demand into far-flung pockets of Grayson County.
Centurion is already active nearby, including its massive Cottonwood mixed-use community outside Dorchester. Production homebuilders like Lennar and D.R. Horton are following suit, he said.
Infrastructure is lining up to match the ambition. A key arterial road funded through escrow is slated to start construction shortly after Thanksgiving, taking roughly a year to complete.
That roadway unlocks the project’s two anchors: a planned Margaritaville resort and a 900-slip marina. Phoenix Hospitality is leading the resort, whose first phase — a 150-room hotel paired with restaurants, entertainment and 50 bungalows — would take 12 to 18 months to build once the road is finished, the developer said.
Craig added that Waterfall Partners is in talks with a major marina operator for a ground lease and is exploring a medical clinic with Texoma Medical and Community Hospital Corporation.
— Eric Weilbacher
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