A new development by LGI Homes will add 328 new homes, a key part of the Princeton Crossroads development.
PRINCETON, TX—From 2017 to 2018, Princeton experienced a 416% increase in new housing starts, as well as a 65% appreciation in median home prices. This level of growth may not come as a surprise due to the town’s location in Collin County, one of the fastest-growing US counties.
But recently, Princeton is enthusiastic about development on its east side. Prior to the December 2018 groundbreaking of Princeton Crossroads, most of Princeton’s growth was headed west towards neighboring McKinney. The city of Princeton worked with Princeton Crossroads’ developers, helped establish a Public Improvement District to fund the infrastructure and made plans to relocate Princeton’s city hall to the development upon the new site’s completion.
Now, several of Princeton Crossroads’ tracts are sold or under contract, including one which will house the new city hall and city park. The townhouse, senior living and multifamily tracts are currently for sale as of this month.
“The new city hall shifts the center of the city to the east, empowering a new, more modern urban structure,” said International Capital’s Ron Thomas, who manages the Princeton Crossroads land development project.
Princeton’s new housing starts to the west, combined with the new Princeton Crossroads development to the east, are a strong indicator that the town will likely continue to increase its role in the county’s growth during the next several years. And, another new development by LGI Homes will result in 328 new homes, which adds a key component to the rapidly developing Princeton Crossroads development. LGI has acquired 88 acres for the construction project valued at approximately $95 million. The future residential community will be located just east of Princeton High School, at the crossing of US-380 and Boorman Lane. The seller was International Capital LLC of Dallas.
DFW’s housing prices are rising, including in the Collin County cities of Plano, Frisco and McKinney. These prices increased following the introduction of several new major employers including the Toyota USA headquarters, Liberty Mutual, JPMorgan Chase, State Farm and the new Dallas Cowboys headquarters.
However, employees of those companies are all within commuting distance of Princeton. The new community by LGI will provide an affordable option within commuting distance of several major employment hubs, including Legacy West in Plano, CityLine in Richardson and The Star in Frisco. The housing community will be comprised entirely of starter homes priced between approximately $220,000 and $275,000.
Range Realty Advisors represented both buyer and seller in the transaction. The firm is assisting in marketing the balance of Princeton Crossroads, which includes sites for development of multifamily, townhome, retail, restaurant and medical sites.
“In terms of other appealing factors, Princeton Crossroads is also the city’s first mixed-use development, featuring future retail and restaurant locations, multifamily communities, offices and a city park,” Chris Burrow, Range Realty Advisors founder and CEO, tells GlobeSt.com. “Additionally, the development will promote walkability, which is somewhat uncommon in the area.”
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.