Legacy Hills in Celina is still under development, but the project has already been recognized as the best-planned community by the Dallas Business Journal.
The development will eventually host 7,000 single-family homes, 4,100 apartments, and numerous amenities, DBJ reported. Centurion American is the project developer who is working with several home-building companies to create a variety of home designs for the project. Ashton Woods, Beazer Homes, and DR Horton are among the builders involved. Three lot sizes will allow for unique neighborhoods.
The entire community will be built on over 3,000 acres of land and will feature a man-made pond and swimming pier, an 18-hole golf course, a 27-acre sports park, and a three-mile walking and biking trail. The project will also include two brand-new schools and two fire stations. The community will even have a dedicated 55+ neighborhood being constructed by Del Webb, a national designer of senior communities, as reported by The Dallas Morning News.
The project is anticipated to cost a staggering $4.5 billion, according to reporting by D Magazine. Centurion America’s CEO Mehrdad Moayedi said the project will ultimately lead to a massive increase in property tax revenue.
“[The city is] going to make so much money it’s not even funny,” Moayedi said.
Rex Glendenning brokered the deal to acquire the land for the project. Glendenning, whose family settled in Celina in 1887, sold the land in 1983. He brokered the deal with Centurion America in 2021.
“This deal, in my opinion, will be the No. 1 grossing monetary project that Centurion American has ever done,” Glendenning said.
Centurion America has been involved in several high-profile real estate deals in the Dallas area in recent years. They led the redevelopment of the Statler Hotel and Residences, are leading the redevelopment of the Collin Creek Mall, and recently broke ground on a North Richmond Hills mixed-use project called CityPoint.
Moayedi has resided in the Dallas area since 1970 when he came to the United States from Iran D CEO reports. After the Iranian Revolution of 1979, Moayedi started a landscaping business that led him into real estate development. He has led projects in Euless, Little Elm, Rowlett, Aledo, Forney, Lewisville, Pilot Point, Plano, Crandall, Anna, and Argyle, some dating back to the mid-1980s.
Construction is already underway, and the first homes were delivered early this year. The entire project is believed to require 10 to 15 years to complete. Among the advantages of the location is the closeness of the Dallas North Tollway, which will allow Legacy Hills residents quick access to the arts and entertainment of Dallas.
“The judging process was based on the expected economic impact of a deal or development, including job creation and capital investment, as well as factors like the creativity required to get the deal done,” DBJ explained.