1,000-home community valued at $300 million coming to Forney
February 8, 2018
A new residential community on the way east of Dallas will bring more than 1,000 new homes.
Longtime Dallas developer Wynne/Jackson plans to build the Overland Grove community in Forney on 336 acres on FM 548 between Interstate 20 and U.S. Highway 80.
The $300 million project will have homes priced from $275,000 to $400,000.
“Our objective is to deliver a very high-quality, highly amenitized master-planned community like you would find in the northern submarkets, but with excellent proximity to the largest employment base in D-FW and with quality homes that are much more affordable than what you would find in the northern communities,” said Wynne/Jackson principal Michael Jackson. “We believe this fits with what the market is looking for right now: quality schools, great city-neighborhood, proximity to employment, and lots of open space.”
Wynne/Jackson has been working on the development for three years.
Along with home sites, the development will have open space, miles of pedestrian trails, a site for an elementary school, a community garden area and a resort-style amenity center. The development is named after U.S. Highway 80, which historically was called the Overland Highway, according to Wynne/Jackson.
The developer is building the project in partnership with RAM Real Estate Capital.
“Partnering with Wynne/Jackson in this incredible development in Forney not only is squarely in-line with our investment objectives but also represents an outstanding opportunity for RAM to enter the D-FW market with an exceptional partner,” RAM Senior Vice President, John Lincoln, said in a statement.
RAM has offices in New York and North Carolina.
Landmark Bank has provided construction financing for the first phase of Overland Grove.
The first building sites will be ready in March 2019.
Builders Taylor Morrison and CalAtlantic Homes have contracted to buy all 327 home sites in the development’s first phase.
Wynne/Jackson has done projects in the Forney area since the early 2000s. The Dallas-based real estate company has developed more than 10,000 home sites and projects valued at more than $1 billion.