New Eastridge Development to Add Over 2,400 Homes to Princeton, Texas’ Residential Offering - Seite 2

“We view this as a tremendous opportunity to expand our footprint of energy-efficient, thoughtfully designed, affordable homes in Princeton,” said Austin Woffinden, Dallas division president at Meritage Homes. “An exciting opportunity for future homeowners, Meritage homes at Eastridge are projected to start in the low $200,000s, with access to exclusive onsite amenities and sought-after McKinney schools.”

Meritage Homes plans to build approximately 1,200 single-family LiVE.NOW. homes in Princeton, offering buyers a wide variety of floorplans that will be built on homesites ranging from 40’ - 60’. With demand for new homes increasing among first-time buyers who want to escape escalating rents, Meritage offers a streamlined homebuying experience for first-time buyers by providing a one-stop shop for sales and design at the community. With Meritage Homes’ LiVE.NOW. offerings, buyers can select quick move-in options featuring the latest design trends. Designed to appeal to families or empty nesters, homes are expected to start in the low $200,000s. Every home Meritage builds in its 25 DFW-area communities showcases the company’s commitment to providing incredibly energy-efficient homes that help customers save on utility bills.

The land for Eastridge was sold by an affiliate of Astra Development. Davey Davis represented the seller as broker, and Kimley-Horn & Associates serves as the land planner and civil engineer on the project.

In July 2019, Astra Development purchased the property, a portion of which was located in unincorporated Collin County and the remainder in the City of Princeton’s extraterritorial jurisdiction. Over the next 18 months, the City of Princeton worked with Astra to solve jurisdictional issues and extend utilities approximately two miles to serve the project. A development agreement was approved by Princeton in October 2020, allowing Astra to obtain approval of a favorable concept plan for the project, along with a Public Improvement District and Tax Increment Reinvestment Zone, creating substantial value for Green Brick Partners and Meritage.

“We believe these entitlements will make this the most competitive project in Princeton for these builders, while allowing for a high-quality, master-planned community within the expanded city limits of the City of Princeton,” noted Justin Bono, founder and president of Astra Development. Astra Development currently controls approximately 2,500 acres for future residential development in various locations across Collin and Denton counties which are expected to yield more than 7,500 future lots.