Two builders have purchased land in Melissa with plans for hundreds of new homes.
Taylor Morrison and NexMetro Communities bought a 92-acre tract near U.S. Highway 75 and Melissa Road north of McKinney. The property was sold by Astra Development and will be used for a community called Stoneridge.
“We are proud that we were able to get this project to the finish line by creating a mixed-use project with two quality builders,” Justin Bono, founder and president of Astra Development, said in a statement. “This will add more housing options for those who desire the lifestyle that the city of Melissa has to offer.”
Taylor Morrison plans to build and sell 194 single-family homes. The Arizona-based company has built houses in almost two dozen North Texas communities with prices starting in the $300,000s.
“Stoneridge provides the winning combination of affordably priced new homes, highly ranked schools, access to major roadways and easy access to the infrastructure provided by the northern suburbs in Collin County,” Keith Hurand, division president for Taylor Morrison, said in a statement.
NexMetro Communities plans to build and lease more than 200 houses. The company has built a series of Avilla home rental communities in the Dallas-Fort Worth area.
“Melissa is an ideal submarket for our Avilla luxury leased communities given the region’s key demand drivers, including job and income growth, household growth, supply demand and high occupancy rates,” Ryan Griffis, managing director of NexMetro Communities in Dallas-Fort Worth, said in a statement. “Build-to-rent is growing nationwide faster than any other type of real estate, with the demand for these ‘best of both worlds’ neighborhoods that appeal to a diverse group of consumers — from professional millennials to baby boomers.”
Construction on Stoneridge will start this summer.
Marty Neilon and Carter Kendall of CBRE brokered the land sale with Steve Smith of SRI Properties.