D.R. Horton, Office Condo Developer Buy Thakkar Sites

Thakkar Developers recently sold more commercial and residential space in Mustang Square, one of its marquee mixed-use projects, as it faces a tax lawsuit in New York and federal fraud prosecution.

Perfect Land Development, one of Thakkar Developers’ LLCs, sold a lot on May 5 in Mustang Square, its mixed-use project south of the intersection of Hwy 121 and Rasor Boulevard in Plano, to a newly formed office development company called Foundry Plano, according to public records. The lot spans 3.5 acres north of Community Court and west of the creek that splits the development just south of the highway, based on the plat.

State filings show Foundry Plano LLC was formed in April. The company plans to build 13 “standalone luxury office condominiums” at Mustang Square, according to its website. It shares an address with Carrollton, Texas-based Madewell Spaces, a company co-founded by Joon Choe, Mohammad Qasim and Jordan D’Silva which develops warehouses, retail, office and coworking spaces around the Metroplex.

Mustang Square “is almost fully sold out and developed,” Thakkar Developers CEO Poorvesh Thakkar said.

“The last few single-family home lots are pending. We also have a fitness center coming, and that has already broken ground; hopefully, before the end of the year, they should be opening,” Thakkar said.

Arlington, Texas-based homebuilding giant D.R. Horton bought four homesites in Mustang Square last month, public records show. D.R. Horton already owns all 19 of the prepared sites on Shoppers Lane, and it began selling finished homes on the west end of the development after buying the sites last year, when the Thakkars changed plans for the residential component of the development from townhomes to detached single-family.

McKinney-based Thakkar Developers, owned by the Thakkar family, is also currently facing litigation in New York and in federal court. Safehold, which owns the land beneath the 23-story building at 135 West 50th Street in New York City that the Thakkars bought at auction in 2024, accused the family of failing to pay property taxes and meet their lease agreements in a suit filed this week in New York Supreme Court.

Additionally, the Securities & Exchange Commission filed charges against Poorvesh and his brother Saumil Thakkar for alleged fraud in February. The case is proceeding in the Eastern District of Texas under Judge Amos Louis Mazzant. The Thakkars have not filed a response to the SEC yet, according to the online case docket. Poorvesh Thakkar declined to comment on the case.