$5.1 million project will serve 20,000 residents and accelerate growth north of Highway 380
PROSPER (October 22, 2012) The Town of Prosper, Prosper Economic Development Corporation (EDC) and major landowners including Terra Verde Group and Greater Texas Land Resources (Managing General Partner of Prosper Partners, LP), jointly announced today a $5.1 million project that will bring water and sanitary sewer infrastructure to the west side of Prosper between U.S. Highway 380 and Fishtrap Road."This project has been in the works for nearly three years and will really open up Prosper, west of the Tollway,” said Ray Smith, Mayor of Prosper. “The result of the water and sanitary sewer service for the west part of town will allow planned development to take place. Terra Verde Group and Prosper Partners will be providing the high quality development we want here in Prosper. In addition, this project positions Prosper for the accelerated growth of non-residential development north of Highway 380.“
The project will serve up to 20,000 residents, or 4,700 households, and about 1,000 acres of non-residential/commercial development. The cost is being shared with adjacent property owners who are planning developments in the area. Approximately two miles of sanitary sewer lines and approximately five miles of water lines will be constructed. The utility project is expected to be complete by the end of 2013.
Craig Martin, Founding Partner of Terra Verde Group, said the project is the first step in developing Windsong Ranch, the 2,030-acre master-planned community 2.5 miles west of the Dallas North Tollway and north of Highway 380, which was previously called Three Stones.
"This project allows us to have the first phase of Windsong Ranch, which will consist of 275 single-family residential homes, and all its amenities in place by early 2014,” said Martin. “The Town of Prosper and the Prosper EDC have been thorough and thoughtful about managing the Town’s growth. As new residents and businesses continue to move north, the utilities and infrastructure have to be available to sustain that development.”
Windsong Ranch will consist of 3,500 single-family residential lots, 250 acres of mixed-use development along U.S Highway 380, 550 acres of open space with native preserves, trails and parks and a 50-acre Community Park. The Greater Texas Land Resources property currently known as “Prosper Partners, LP” will consist of 300 single-family residential lots and 378-acres of mixed-use development located at the future corners of Legacy and U.S. Highway 380.
ABOUT THE TOWN OF PROSPER – The Town of Prosper is a fast-growing suburb with small town charm, located 30 miles north of Dallas at the crossroads of U.S. 380, Preston Road and the Dallas North Tollway in Collin and Denton Counties. Prosper sits on 27 square miles and is home to more than 12,000 people. A home-rule municipality, governed by a council-manager form of government, the town has full-time fire and police departments, including its own dispatch service. As the Town grows to its projected build-out population of over 80,000 residents, Prosper’s vision is to remain a “Place Where Everyone Matters.”
The Prosper Economic Development Corporation (PEDC) is a Texas 4A sales tax corporation that invests its sales tax revenues on behalf of the community of Prosper. The PEDC encourages additional private investment that will increase and diversify the tax base, create jobs, lower residential taxes, increase the number of retail, commercial and industrial companies locating to the Town and improve Prosper residents' quality of life.
ABOUT TERRA VERDE GROUP -- Richardson-based Terra Verde Group, LLC, is a real estate investment firm focused on the purchase of opportunistic and distressed industrial, commercial and residential real estate assets. Its principals have decades of combined experience in investments and development in the real estate marketplace and account for more than $6.5 billion of sales in real estate product. TVG delivers risk-adjusted rates of return, which exceed expectations and build and sustain investor trust throughout the investment cycle. TVG creates significant added value by engineering and executing smart, disciplined, proactive management and capital strategies, while adhering to the core values it shares with its partners.
ABOUT GREATER TEXAS LAND RESOURCES -- Greater Texas Land Resources, LP, is a real estate investment and development firm, managed by Craig Curry, focused on the acquisition and development of residential, commercial and industrial properties throughout the DFW area. The Prosper Partners property is a 478-acre mixed-use development located at the future corner of Legacy and the north side of U.S. Highway 380 near the Dallas North Tollway. The development will be a mixture of residential and commercial with the construction of the residential to kick-off in early 2013 with plans to deliver the lots by the end of 2013.
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