Developer Buys Collin County Land for New $2 Billion Community
A Dallas-based developer has acquired land in Collin County for a $2 billion residential and commercial project. MA Partners LLC plans more than 1,000 single-family homes in the first phase of its Elevon community on State Highway 78 in the town of Lavon, which is east of Plano. When completed, the entire Elevon development is designed for more than 4,500 homes, about 1,000 multifamily residences, an 80-acre business park and more than 100 acres of mixed-use construction.
The first 300-acre phase will start construction in early 2021. Homes will sell at prices starting in the mid-$200,000s. Arlington-based D.R. Horton will be one of the builders in the community, county records show. It’s been the nation’s largest homebuilder by volume since 2002.
“Elevon is three years in the making from site selection and entitlement to the engineering of the first phase of development,” said John Marlin, partner and CEO of the development firm. “The Wylie/Lavon submarket is an area of strong growth and we are excited to be part of shaping the growth in this area.”
The Elevon plan includes a number of pocket parks, an extensive trail system, multiple amenity centers and public school sites. The entire development will be more than 1,500 acres. Dallas-based PMB Capital Investments provided some of the debt for the project, Collin County records show. JBI Partners of Carrollton provided engineering, planning and architectural services. MA Partners has developed multiple projects in Dallas-Fort Worth, Austin and Houston. It currently has almost 3,000 acres under development, with projects underway in Dallas, Fort Worth and Melissa.
Its new project is in a suburban area that’s seeing increased residential development.
“Wylie has been the most active market area and is now nearing build-out,” said Ted Wilson, principal with Dallas-based housing analyst Residential Strategies. “As a result, builders and developers are now pushing out Highway 78 into the Lavon area. Lavon’s annual start rate has recently surged to over 100 units and likely will continue to grow in coming quarters.”
Wilson said the area will see more big housing communities...
