Plano-based Green Brick Partners, Inc. recently acquired 52 acres in southern Flower Mound at Gerault Road and FM 2499 for the development of 450 home sites with a build out value of approximately $160 million.
The planned townhomes and patio homes are part of a 110 acre master planned development called Southgate, that will also include restaurants, retail, and offices.
“The first phase of residential development will commence in the spring of 2016, with model homes opening in early 2017,” said Jed Dolson, Green Brick’s Head of Acquisitions. “Southgate will be one of the most desirable neighborhoods in Flower Mound and only minutes from Verizon’s proposed 157 acre 3.5 million square foot mixed use campus just announced in Irving.”
Southgate is Green Brick Partner’s fourth neighborhood in Flower Mound and a follow-up to its Lakeside neighborhoods.
The patio homes and townhomes will be built by Green Brick Partner’s subsidiary, CB JENI Homes. The homes are designed around 5 acres of parkland with walking trails connecting owners to the $1.5 million amenity center, complete with a pool, workout room, and entertaining areas.
“We are excited to expand from of our Lakeside experience, offering homes targeting empty nesters and young professionals with even better amenities and access to DFW Airport and employments centers,” said Steve Schermerhorn, Division President of CB JENI Homes.
Green Brick Partners (NASDAQ: GRBK) owns a controlling interest in four homebuilding companies in the Dallas area — Normandy Homes, CB JENI Homes, Centre Living Homes and Southgate Homes. The company currently controls approximately 4,500 prime home sites and is building in Allen, Carrollton, Flower Mound, Frisco, Keller, McKinney and Plano as well as in other DFW markets and in Atlanta, Georgia markets.