$94M neighborhood headed to South Texas

A South Texas developer is set to build two subdivisions of residential properties in Edinburg, Texas. Domain Development plans projects worth $94 million in the 100,000-person city about 20 miles from the U.S.-Mexico border.

The Atwood Development will consist of two different subdivisions: Atwood Estates, a gated single-family residential community, and Atwood Village, which will also be gated but include four-plexes with apartment rentals.

Atwood Estates has 115 lot sites ranging from 6,060 square feet to 8,455 square feet and will cost $58,200 to $81,200. The developers plan on homes built there to have an average value of $315,000. Domain expects the lots, which are already for sale, to be ready for building by the third quarter of 2022. Domain will allow buyers to use builders of their choosing but will restrict the use of colors and exterior stone and brick to conform to its plans.

The multifamily subdivision Atwood Village, adjacent to the Estates, will have 117 lots for four-plexes with a total of 468 rental apartments and an estimated value of $500,000 per building.

The 60-acre development off the corner of Hoehn Drive and Schunior Street will be close to the University of Texas Rio Grande Valley campus and Texas A&M’s Edinburg campus. Developers are marketing to students, young professionals and retirees looking for income-producing investment properties they can also live in, such as the fourplexes.

Headquartered in McAllen, Domain Development specializes in South Texas residential and commercial development and says it has invested more than $500 million in Rio Grande Valley real estate. The company says the Endburg project should bring more than $2.5 million in annual tax revenue to the city and Hidalgo County.