Green Brick Partners has announced its acquisition and development of three new master-planned neighborhoods in Frisco, Texas, which will together encompass over 1,000 homes. The three communities are expected to have a build out value of more than $500 million.
The 67-acre Park Vista community will contain 333 single-family homes, patio homes, and townhomes, which will be built by Green Brick subsidiaries Normandy Homes and CB JENI Homes. The 97-acre Frisco Springs will include 172 single-family homes by Village Builders and Toll Brothers, as well as 154 townhomes by CB JENI Homes. Edgewood will contain 354 lots on 120 acres, with single family homes from Southgate homes, Normandy Homes, Meritage, and M/I Homes.
“The rapid growth of Frisco has led to some of the highest housing demand in the nation,” said Jed Dolson, President of Green Brick Partners’ Texas Region. “The average price for a new home in Frisco has exceeded $535,000 due to increasingly limited supply of land and rising construction prices. Our new developments will bring over 260 value-oriented homes starting in the $300’s that will be optimal for growing families looking to benefit from the great Frisco ISD schools.”
All three communities will be located very close to each other, and also a short distance from the 390-acre site of an upcoming civic and sporting development underway from the City of Frisco.
Frisco Springs is under development, and new home construction is expected to begin in 2018. Model homes are expected to open in Edgewood early this summer.
“With some of the highest job growth rates in the nation, Frisco has continued to expand at a rapid pace. We made an investment in Frisco because it is a great place to live and work, and we are seeing demand for new construction greatly outpacing supply,” said Jim Brickman, CEO of Green Brick Partners.
