Chinese-based developer marketing Corinth subdivision to foreign buyers
A Chinese-based developer is bringing a new luxury subdivision to Corinth, investing roughly $200 million in the area.
Lelege USA Corp.’s project, the Long Lake subdivision, will bring 108 homes and retail development to 107 acres along Lewisville Lake.
The majority of the homebuyers probably won’t be local, according to the developer. The company has presented the project in China and is marketing the homes toward Chinese immigrants to the United States. The company’s website calls the project “America’s first Chinese-themed gated and guarded community.”
“This project is going to be one-of-a-kind,” said George Ducas, chief construction officer with Lelege USA. “This is quite a large development that’s put together in a way that it kind of eclipses anything in the metroplex, as far as I know.”
The houses will be up to 10,000 square feet in size, with several located on the lake. There will be 13 acres of commercial development that will feature restaurants, activities, office and retail space. There will also be walking trails and a boardwalk around the lake, Ducas said.
The average home price in the subdivision will be $2 million, while the average market value for a house in Corinth in 2013 was $185,550, according to data from the Denton Central Appraisal District. Other areas in Denton County with high-end homes have higher average prices, like Bartonville, where the average home price in 2013 was $401,318.
“It will make a very strong economic impact,” Corinth Mayor Paul Ruggiere said. “People who can afford these homes will bring a great deal of spending power, and the homes will bring in quite a bit of tax revenue to the city and the [Lake Dallas] school district.”
“I think they are moving here to open up businesses in the United States, and to live here, as well, and we would assist them with that,” Ducas said.
Other features of the project include security cameras and public Wi-Fi, as well as concierge service.
A groundbreaking ceremony for the project took place Thursday, and officials hope to begin building homes in late August. Over the summer, they will build a model home and also prep the area with the proper wiring and plumbing, Ducas said.
JENNA DUNCAN can be reached at 940-566-6889 and via Twitter at @JennaFDuncan.