FORNEY, Texas – The Dallas-based developer, Wynne Jackson, announced the commencement of a $300-milliion, 1,000-home development in Forney.
Overland Grove will be developed on a 336-acre tract in between Farm-to-Market (FM) 740, FM 548, and Pecan Lane — across FM 548 from the Grayhawk development.
The City of Forney recently annexed the tract in agreement with terms established in an April 2017 development agreement with Wynne Jackson.
According to Wynne Jackson, Taylor Morrison and CalAtlantic Homes have contracted for all of the lots in the initial phase with home prices anticipated in the $275K to $400K range.
"The property is planned for a variety of lot sizes, residential design guidelines, significant open space, miles of pedestrian trails, proposed on-site elementary school, a community garden area, and a resort-style amenity center," states a release from the developer.
"The project has been named “Overland Grove” as a reflection of appreciation for this area’s history," states the release. "U.S. Highway 80 was historically known as the “Overland Highway”, and ‘Grove’ because the project will be developed with a suburban “agricultural theme” which will include groves of various species of fruit-bearing trees as well as resident-manned garden plots at the amenity center."
Wynne Jackson is no stranger to development in the Forney area having commenced the original acquisition and entitlement of the Devonshire, located on FM 548 north of Forney.
The company says it "refocused its efforts in Forney in 2014 because of its location in the path of growth, proximity to major employment centers, the quality of the schools, and the excellent level of services."
"The appealing location between U.S. Highway 80 and Interstate 20 on FM 548 is one of the key factors that makes this tract ideal for a quality master planned community."
"We have been active in Forney since the early 2000’s and it has always been a market we believe in. It is a great city to raise a family, with an excellent school system, abundant parks, and an emerging historical downtown district. We are excited to have two of the top homebuilders in the country as the builders in the project. This will be the most sought-after master planned community in Forney thanks to the past 3 years of planning which will deliver a neighborhood rich in quality amenities and thoughtful design," stated Michael C. Jackson, Vice President and principal of Wynne/Jackson, Inc.
Wynne Jackson is partnering with nation private equity real estate investment group, RAM Real Estate Capital. Construction financing has been provided by Landmark Bank for the first phase of 327 lots which have an anticipated completion date of March 2019.