Shaddock Development to start infill housing project near Plano’s Legacy West
A North Texas-based developer — Shaddock Development — has started on its latest infill project in Plano within a quick drive to Legacy West.
The 3.6-acre tract sits along Preston Meadow north of Hedgcoxe Road in Plano about two-and-a-half miles from the Dallas North Tollway and the Sam Rayburn Tollway in West Plano.
In all, the project will bring 18 homes with an average cost of roughly $450,000 with a pocket park and area for dogs to run.
“Nothing has been developed in this part of Plano since the early 1990s,” said Andrew Shaddock, who is the partner at Plano-based Shaddock Development overseeing the project.
“The home will reflect the amenities we are putting into this project and it will be a highly desirable,” he added.
With little to no land left for residential development in Plano, small tracts like this one are being snapped up to add more homes to the growing city.
It’s not easy developing infill lots. Land prices continue to rise and with only smaller tracts of land to build upon — there’s less of a return on investment on the development costs need to push the project forward.
This housing project, called Preston Hollow, phase II, will bring 55-foot home lots to the market in the third quarter of 2017. Shaddock Homes, an affiliated builder, will build out the homes on a phased schedule.
Each quarter, Shaddock Homes is expected to start five new homes in the Preston Hollow neighborhood.
Shaddock Development and its affiliated builder is also working on homes in a portion of Brinkmann Ranch in Frisco and in a large community in Celina.
Reposted from BizJournals.com
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