Centurion American Breaks Ground on Dallas Townhomes

A long-vacant parcel in northwest Dallas is getting a $35 million luxury reset.

Crescent Estates Custom Homes, led by Dallas developer Mehrdad Moayedi and operating under his Centurion American Development firm, broke ground on a $35 million townhome project that will bring 31 high-end units to a 2-acre site near Marsh Lane, the Dallas Business Journal reported. The development, called The Residences at Creek Hollow, will be built at 10056 Marsh Lane on land once occupied by a Dallas County government building that was demolished earlier this year.

The property languished in vacancy ever since a tornado tore through the area in 2018, damaging the building and its adjoining parking lot, according to the outlet.

Crescent Estates plans a mix of two- and three-story townhomes ranging from about 1,600 square feet to 2,700 square feet. Unit pricing is projected between $700,000 and $1.2 million, positioning the project above the median pricing of Dallas’ increasingly competitive infill market. Homes are expected to go vertical within six months, with pre-sales targeted for summer 2026.

Moayedi acquired the property in 2020, sold it a year later and then bought it back in 2024, according to county records. The Dallas Central Appraisal District currently values the land at $1.9 million, a fraction of the anticipated sellout value once developed.

The project is a smaller-scale for Moayedi compared to the massive master-planned communities for which he is better known. Yet, it fits a familiar pattern: transforming overlooked or obsolete properties into high-end residential offerings. Crescent Estates’ portfolio includes luxury townhome and condo projects, such as Fairmount Place at Turtle Creek, Water’s Edge Condominiums on Lewisville Lake and Westlake Entrada in Westlake. The firm has also taken on trophy renovations, including the sprawling Malouf Estate on Strait Lane.

Infill sites that once struggled to pencil out are getting a second look as land scarcity and high-end demand push developers to smaller, more boutique projects, according to the outlet.

While modest in unit count, The Residences at Creek Hollow will add to Moayedi’s growing portfolio across North Texas. Centurion American has communities in the pipeline that will deliver thousands of homes in markets including Fort Worth, Denison, Gunter and the Lake Texoma area, along with high-profile hotel redevelopments like the Statler downtown and the former Crowne Plaza in Addison.

— Eric Weilbacher