Shaddock’s development firm to begin work on $55M community in McKinney
An untouched tract in west McKinney that has been left largely intact since the Civil War will soon be transformed into a $55 million, 29-acre single-family community that will extend the popular Stonebridge Ranch.
In all, the community — called the Melton Ridge subdivision at Stonebridge Ranch — will bring 124 single-family homes to McKinney near the northeast corner of State Highway 121 and Custer Road on land once owned by Killis and Frances Melton, who had owned the site ever since the Civil War.
Will Shaddock still remembers seeing the Melton Ridge property two years ago with his then-fiancé and thinking it was a beautiful piece of land. The 32-year-old partner at Plano-based Shaddock Development Co. wrote a letter to the Melton family, saying they ever were interested in selling the property, he’d like to buy it.
“It’s an incredible piece of property and really caught my eye because you could tell whoever lived there never sold out,” Shaddock told me. “It was a hold out piece; a real hole in the donut situation.
Shaddock met with Clyde and Lu Geer, as well as other members of the Melton family, and the two groups came to an agreement to sell the land.
Two years later, Shaddock, who is now married and has a baby daughter, is getting underway on the construction of the 124 single-family homes, with expectations to deliver home lots to builders this October. Shaddock’s Saxony Homes and American Legend Homes were selected to build the homes, which are expected to range in price from $375,000 to $525,000.
Hunter Lord of Happy State Bank arranged the financing of a $7.8 million construction loan on the project. The Melton Ridge subdivision will feed into the Stonebridge Ranch amenities by way of a deal struck between the two single-family home communities.
Each of the Melton Ridge home lots will be deeper than most 50-foot home lots and will feed into McKinney’s highly-rated Boyd High School, he said.
Shaddock Development has a number of other single-family communities underway in North Texas, including a high-profile, 500-home community at Brinkmann Ranch in Frisco. The hot housing market has a lot of developers looking to build single-family homes in neighborhoods near in-coming employers, such as Toyota North America and Liberty Mutual Insurance.
Reposted from Dallas Business Journals
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