Centurion American Development Group picked up another large chunk of land for its growing North Texas empire, this time even nearer to the Oklahoma border.
The Farmers Branch–based developer acquired 550 acres from Waterfall Partners, a group led by Craig International CEO David Craig, for Craig’s $6 billion mixed-use project on the shores of Lake Texoma, the Dallas Morning News reported.
Centurion, led by CEO Mehrdad Moayedi, plans to build nearly 1,300 homes, including 1,184 on standard lots and another 115 estate homes on half- to 7-acre parcels, many with lake or greenbelt views.
The company expects to begin construction on the project, in Dennison, this quarter and deliver lots to builders before the end of next year. The development will also include apartments, as well as schools and public safety facilities.
The deal marks Centurion’s latest move to stake out North Texas’ outer-ring frontier. Moayedi’s firm has acquired at least 7,000 acres in the past two years, positioning itself as one of the most aggressive players in the state’s residential land race. The firm’s active projects span Celina, Pilot Point, Howe, Sherman and Gunter, including the 4,200-home Platinum Ranch and the 1,400-acre Cottonwood development.
Preston Harbor is being master-planned by Craig International and spans over 3,100 acres with 9.5 miles of lakefront. The full development is expected to bring more than 7,500 homes, a $150 million Margaritaville resort, plus other retail and restaurants and a marina. The population of Denison could grow by more than 18,000 people once it’s fully built out.
“No one can create the velocity of lot production like Mehrdad Moayedi,” Craig told the outlet.
The acquisition gives Centurion a foothold in one of North Texas’ largest destination-style projects to date. It also further extends the developer’s footprint into Grayson County, where growing semiconductor investments and infrastructure plans have driven a wave of land speculation.
— Judah Duke
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