Two of the largest homebuilders in the country are one step closer to bringing a massive new development to southern Dallas.
Texas-based D.R. Horton and Florida-based Lennar have purchased around 580 lots sitting on 280 acres from local real estate investment firm Hoque Global. The new development will be located near the University of North Texas at Dallas campus.
The mixed-use development will include single-family homes and townhomes priced from $300,000 to $500,000. Hoque Global is expected to start infrastructure work, including sewage and roads, in early 2025, and the first residents are forecast to move in early 2026.
In 2022, The Dallas Express reported on the Dallas City Council’s approval to provide $31.4 million in financing to subsidize Phase 1 of the project being spearheaded by Hoque Global.
“We are thrilled to be part of this groundbreaking new development in the city of Dallas… With our product and positioning, we are confident that D.R. Horton will offer desirable new homes in an area lacking new housing options at an affordable price,” said Caleb Lee, Division President of D.R. Horton’s D-FW Central Division, in a statement, per The Dallas Morning News.
Hoque Global’s CEO Mike Hoque says they are now trying to attract a grocery store, telling DMN they hope to secure an H-E-B in the area.
“Southern Dallas has been underserved. This is a mission for us… [H-E-B] is very aggressive. Look, they are going everywhere.”
Hoque is not wrong. Late last month, The Dallas Express reported that the Texas-based grocery chain had picked up additional acreage in the Metroplex, part of a plan to support the city’s continued expected growth. DFW is forecast to welcome another 400,000 residents by 2028 alone.
University Hills is expected to have hundreds of homes, 1,500 apartments, and 1.5 million square feet of commercial space at full build-out. Once complete, the development will also feature over 50 acres of green space.
