Plano-based Green Brick Partners (Nasdaq: GRBK) plans to build more than 1,000 homes in three master-planned communities in the fast-growing Frisco community. The homes will have a build-out value of more than $500 million.
The North Texas suburb is one of the most dynamic markets for home lot development in Dallas-Fort Worth, which is why Green Brick Partners is banking on the city, said CEO Jim Brickman.
“With some of the highest job growth rates in the nation, Frisco has continued to expand at a rapid pace,” Brickman said in a prepared statement. “We made an investment in Frisco because it is a great place to live and work, and we are seeing demand for new construction greatly outpacing supply.”
Plans for the new homes include:
333 single-family patio and town homes in Park Vista at the southeast corner of Eldorado Parkway and Coit Road. They will be built with the help of Green Brick subsidiaries Normandy Homes and CB JENI Homes172 single-family homes built by Village Builders and Toll Brothers, as well as 154 townhomes built by CB JENI Homes, in Frisco Springs at Eldorado Parkway and North Country Road354 single-family homes at Edgewood near Coit Road and Main Street in Frisco. They will be built with the help of builders Southgate Homes, Normandy Homes, Meritage and M/I Homes.
The rapid growth of Frisco has led to some of the highest housing demand in the country, which has translated into high-cost homes, said Jed Dolson, president of Green Brick Partners’ Texas region.
“The average price for a new home in Frisco has exceeded $535,000 due to increasingly limited supply of land and rising construction prices,” Dolson said, adding that the builder plans to bring more than 260 value-oriented homes to Frisco starting in the $300,000s with this initiative.
Ted Wilson, a principal at Dallas-based Residential Strategies, which tracks the new home market in North Texas, said Green Brick Partners is presently the most active developer in the Frisco market, with the developer’s projects accounting for about a third of all new development in the city.
The three communities sit within a short distance of the tract of land slated for development by the city of Frisco as a park and sporting destination.
Construction on homes is expected to start in Frisco Springs this spring, with model homes in Edgewood following later this summer.