Cypress in Celina: LA and NY real estate firms take on rural Texas in joint venture
Seitz to start massive Celina development
Once a small town, the Dallas-Fort Worth suburb has become a development hub
A 77-acre tract in the Dallas-Fort Worth suburb Celina is being transformed into an extensive retail and multifamily development.
Frisco-based the Seitz Group, led by Eric Seitz, expects to construction this month on the Crossing at Moore Farm, which will include 750 residential units, plus retailers: a 110,000-square-foot luxury fitness center, Lowe’s, Chick-fil-A, Chipotle and Panda Express among them, the Dallas Business Journal reported. The retail portion is expected to be completed in October 2024, and multifamily construction will start around the same time.
Costs weren’t disclosed, but Regent Bank will provide vertical construction financing for the project.
The development is the latest sign of Celina’s imminent growth. Celina (pronounced with a long “i” like “saliva”) is expected to grow from a population of about 30,000 in 2020 to about 54,000 by 2026, according to its economic development corporation.
Costco signed a deal to bring a 160,000-square-foot store to the North Texas town recently. LA-based Cypress Equity Investments and New York-based Winter Properties just acquired 68 acres with plans of bringing multifamily communities and build-for-rent homes to Celina.
Collaborators for Seitz’s development include general contractor Mycon, civil engineer Kimley-Horn and a design team of CDA Architects and Archon Architects. Shop Companies’ Jack Weir is the leasing broker, and REX Real Estate’s Matthew Kiran brokered the land deal, the outlet said.
Apartments will feature amenities such as a fitness and cycling center, ghost kitchen, multimedia room, library, smoking room, bocce ball court, dog parks, hiking trail and ample green space.
The Crossing at Moore Farm pays homage to the family that occupied the property since the 1880s. The Moores were given the land by the government in exchange for them farming it, living on it and paying taxes.
“Sean Terry, the Celina mayor, and City Manager Jason Laumer, along with city staff including Dusty McAfee and Kim Brawner were instrumental in helping bring this project to Celina,” Seitz told the outlet.
Celina becomes favorite submarket for big-name Texas developers
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