A $4 billion development is on the way in Lake Texoma.
Craig International is at the helm of the project, called Preston Harbor, which will include more than 7,000 residences, a resort hotel, restaurant, marina and 9 miles of lakefront, the Dallas Morning News reported. The development site is in Denison, a town of about 25,000 people, 90 minutes north of Dallas.
Denison’s city council approved a preliminary agreement with Craig International and its partners. Company founder and CEO David Craig expects to start construction by the end of the year, he told the outlet. Details of the agreement were not reported.
Preston Harbor, located on a 3,100-acre tract on FM 84, will have a mix of single-family estates, apartments and townhomes. The hotel is slated for 200 rooms, and the marina will contain 400-600 boat slips. A town center on the property is set to include retail and restaurants overlooking the lake.
Preston Harbor will invigorate Lake Texoma’s marina industry, said Miles Prestemon, Craig International’s chief operating officer.
“Right now Lake Texoma has a very tired product of marinas,” Prestemon told the outlet. “This new marina will be state of the art.”
Dallas’ Schuler Development has owned the parcel for decades and made plans in 2013 for a large development. But those plans stalled, and company owner George Schuler died in April. Craig told Denison council members that his firm has the capital for the purchase and a contract with the Schuler family to buy the land. If the sale is completed, it would mark one of the largest recent transactions in Grayson County.
“We are going to fundamentally change the city of Denison as you begin to develop Preston Harbor,” Denison mayor Janet Gott told the outlet. “Preston Harbor is going to be part of our future.”
The area is seeing a surge of new jobs and residents. Taiwanese company GlobalWafers is building a $5 billion silicon wafer plant in Sherman, and Texas Instruments is spending $30 billion on another semiconductor manufacturing center.
—Quinn Donoghue
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