The landbroker behind some of the biggest North Texas deals of the last decade is looking for the right development partner before starting on his own mixed-use development.
Rex Glendenning of Rex Real Estate is planning a 600-acre development called King Place, in his hometown of Celina, the Dallas Business Journal reported.
He has already invested about $40 million on infrastructure including water and roadways for the development. Everything is ready, but he is waiting for a big fish, like a corporate headquarters relocation, to get the project off the ground
Known for his contributions to iconic mixed-use projects like Frisco Bridges, Granite Park and The Star, Glendenning’s vision for King Place includes retail, office, hotels and a range of residential options.
“For 34 years, I’ve been buying green bananas up here, and now they’ve ripened up a little bit,” Glendenning said. “I feel good because I’m still alive to see at least the first or second phase of what I deem to be my legacy asset.”
The development site is along the Dallas North Tollway, just north of Glendenning Parkway.
Centurion American CEO Mehrdad Moayedi, who worked with Glendenning on a 241-acre land deal for Legacy Hills in Celina, attended a ceremonial ribbon-cutting for King Place last month. Glendenning and Moayedi are also two of Texas real estate’s notable Republican political donors.
The planned community would add to Celina’s booming housing market, which saw over 2,200 single-family building permits issued through September — a 17 percent increase compared to last year. The town’s population grew an estimated 97 percent between 2020 and 2023, according to the Texas Demographics Center.
With family ties in Celina dating back to 1887, Glendenning’s project aims to honor that history.
“I’ve been doing it for everybody else, so I decided I’d take the cheat sheet and start doing it myself,” he said.
Glendenning is behind other projects in Celina, including Shawnee Trail Development, where his firm plans to build residential, retail and restaurants, along with green space, trails and water features.
— Andrew Terrell
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