Developer buys over 280 acres in Frisco and plans to build at least 1,000 homes

A local developer and homebuilder, Green Brick Partners Inc., has purchased three parcels of land in Frisco with plans to build more than 1,000 homes.

Green Brick says the new neighborhoods on Coit Road and Eldorado Parkway will be valued at more than a half-billion dollars when they are completed.

The residential projects will range in size from 172 to 354 homes and will include a mix of home types and prices. Construction has started on the first project, called Frisco Springs, on Eldorado Parkway west of Preston Road. It’s next to where the city is buying land for a new park.

"Over the next 24 months, all the projects should come on line," said Jed Dolson, Green Brick Texas region president. "It’s all being driven by the employment growth along the tollway and in Legacy West."

Dolson said the new neighborhoods will include a mix of townhomes, patio homes and traditional single-family homes.

"Our townhomes will start in the mid-$300,000 [range]," he said.

The 97-acre Frisco Springs project will include 172 single-family homes constructed by Village Builders and Toll Brothers, along with 154 townhomes built by CB JENI Homes.

The 67-acre Park Vista community will be built at the southeast corner of Eldorado Parkway and Coit Road. Plans call for 333 single-family homes, patio homes and townhomes built by Green Brick subsidiaries Normandy Homes and CB JENI Homes.

Edgewood will be a 120-acre, 354-home development at Coit Road and Main Street in Frisco with houses by builders Southgate Homes, Normandy Homes, Meritage and M/I Homes.

"With some of the highest job growth rates in the nation, Frisco has continued to expand at a rapid pace," Jim Brickman, CEO of Green Brick Partners, said in a statement. "We made an investment in Frisco because it is a great place to live and work, and we are seeing demand for new construction greatly outpacing supply."

Green Brick’s purchases give it a dominant position in Frisco, said Ted Wilson, principal with Dallas-based housing analyst Residential Strategies.

"Frisco is one of the most dynamic markets for lot development in D-FW. Presently, Green Brick is the most active developer in this market," Wilson said. "Projects under way represent about one-third of all new development."

Plano-based Green Brick is a homebuilding and land development company with interests in four homebuilding companies in North Texas. The company has been in business since 2008 and also has builders in Colorado and Georgia.

Green Brick Partners’ new Frisco projects marked in red and numbered 1 through 3 will be valued at about $500 million when finished.

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