Master-planned Community in Celina
Addison-based Tomlin Investments, a real estate investment and development firm, plans to get underway on the initial phase of a $2 billion, 4,500-home master-planned community [in Celina] by the end of the summer, which will bring more housing to North Texas.
The firm recently landed an undisclosed amount of financing for the development of Green Meadows, a 15-phase, 1,408-acre master-planned community in Celina, which sits 42 miles north of Dallas on the northern frontier of the region.
“We believe we have a long run in front of us,” Dan Tomlin III, president of Tomlin Investments, told the Dallas Business Journal. “ If this was a baseball game, we are in our fourth inning. We have a lot of people coming to the region in the next two years, with jobs coming to the $5 billion mile and Legacy West.”
The initial phase of the 4,000-home project will include 365 home lots. Tomlin Investments has yet to select homebuilders for the community, but has worked with nearly every builder in the past on various projects, Tomlin said.
HFF represented Tomlin Investments in securing funding from Bank of the Ozarks.
With this project, Tomlin Investments is returning to development after a 13-year hiatus after spending cobbling together land for Green Meadows and four other large master-planned communities in Texas.
The other Tomlin-developed communities are expected to get underway by the end of this year, into early 2017.
Tomlin said he expects to break ground on Green Meadows by the end of the summer, with delivery of the first single-family home lots expected in mid-2018.
Plans for the master-planned community include a $4.5 million amenity center, multiple resort-style pools, a dog park, a community garden, playgrounds, sand volleyball courts, a grilling area with a fire pit, party center, daycare center and playgrounds.
Homes will be priced starting at $350,000 ranging upwards to the millions at the later parts of the development. The average cost of home will be roughly $450,000-$500,000.