A 106-acre property in Corinth, which was supposed to be developed into about 100 homes and some retail development along Lewisville Lake, is up for sale.
More than $14.5 million has already been invested into the property, according to the property’s real estate listings webpage. The property’s real estate agents did not respond to requests for comment.
In 2011, Richard Williamson, owner of what was at the time called Canyon Lake Ranch, had a stroke, ending his career as a surgeon. He sold his land to Lelege USA, a developer owned by a Chinese conglomerate.
In December 2014, Lelege USA broke ground on Canyon Lake Ranch. Using money from Chinese investors, roughly $200 million was supposed to be invested into the property. The development name was changed to Long Lake, after Long Zhang, the chairman of Lelege USA.
The property was supposed to be developed into about 100 homes, with an average home price of $2 million, along with 13 acres of commercial development featuring restaurants, offices and retail space.
Long Lake was going to be a Chinese-themed gated community marketed to rich Chinese nationals interested in contributing $ 1 million to a U.S. government-sponsored visa program called EB-5. In exchange for the million-dollar contribution, the program provides an expedited way to obtain American citizenship.
Now the property is being marketed to a buyer who will develop the land into a neighborhood, “likely with an average home price of $750,000,” according to the listings webpage.
Corinth City Manager Bob Hart said he believed the development company ran into problems with investors and did not have enough money to finish the project.
“They were relying on foreign investment,” Hart said. “Apparently, that is drying up a little bit.”
Despite the lack of economic contribution from this property, Hart said there are between 250 and 400 homes being developed in Corinth.
“This project would have been a wonderful project, beneficial to the community, but we have other projects, other developments in different stages of construction,” he said. “As long as we have development moving forward, we have home lots being developed, I think we’re going to be in good, healthy shape.”
MADISON WILSON can be reached at 940-566-6921
FEATURED PHOTO: Undeveloped land with a lake in background on the Long Lake property, shown here Wednesday, is now for sale. Originally, the property was going to be developed into about 100 mansion-style homes. The homes were meant for wealthy Chinese immigrants who would attain a specific Visa to fast-track their immigration to the United States.