Houses to start at $270,000 in Hillwood's $1.5B Pecan Square
A $1.5 billion residential community planned between Fort Worth and Denton will bring more than 3,000 new homes.
Hillwood Communities, a Perot company, is building the 1,157-acre Pecan Square project in the Denton County town of Northlake. The mixed-use project on FM407 will have building sites for more than 600 homes in the first phase.
Houses in the development will be priced starting at about $270,000.
Hillwood Communities just purchased the land. The largest portion is a longtime equestrian center, Woodhill Farm. The developer plans to repurpose some of the horse farm buildings.
"It's a wonderful icon the town of Northlake really values," Hillwood Communities' CEO Fred Balda said. "We aren't going to use the stables for horses any longer but use the architecture.
"We are going to renovate a good portion of it, and it will be a community center," Balda said. "And there is a wonderful arena we are going to use that's huge."
The area leading up to the stables is lined with hundreds of mature pecan trees, which give the project its name and will be preserved.
"We'll break ground next spring," Balda said. "We think that by the summer of 2019 you'll see it be offered to the marketplace."
Builders have already been selected for the first phase of Pecan Square, including Ashton Woods, CalAtlantic Homes, D.R. Horton, David Weekley Homes, Highland Homes, Perry Homes, Plantation Homes and Pulte Homes.
"Pecan Square is one of the largest master-planned communities we have developed in our 25-plus year history," Hillwood Communities' Brian Carlock said in a statement. "Northlake has a wonderful quality of life and happens to be in one of the highest growth areas in North Texas."
Pecan Square is north of Hillwood's huge AllianceTexas development and is in the same area where the developer built the 1,200-acre Harvest community in Argyle. Balda said that the Harvest — which Hillwood started in 2012 — is about half developed.
"We've sold about 900 homes," he said. "We are selling a home a day in Harvest, and next year we should go over 400 sales."
Growth in north Tarrant County and Denton County is bringing thousands of new residents to the area, Balda said. "With Charles Schwab and TD Ameritrade locating new offices in the area, we are seeing a ton of sales."
Hillwood Communities has donated 15 acres to Northwest ISD for a new elementary school. And the district has purchased 150 acres it plans to use for a new middle school, high school and football stadium.
"We all recognize growth is coming to the region," Northlake Mayor Peter Dewing said in a statement. "Hillwood Communities shares our vision of honoring Northlake's rural legacy while attracting a multi-generational, family-oriented and highly engaged community on land that is both restorative and productive."
Hillwood Communities is one of the largest residential land developers in Texas.
FEATURED PHOTO: Developer Hillwood Communities has purchased more than 1,100 acres in Denton County north of Fort Worth for a new community called Pecan Square.
Photo courtesy Hillwood Communities