A new 414-acre, gated community that will offer luxury single-family homes in McKinney will start start construction this year.
The community, called Aster Park, will feature more than 1,100 home sites ranging from 40- to 70-feet wide. Construction on Aster Park is expected to begin in 2022 and sales are expected to begin in 2023.
The community will be located north of FM 1461.
Homebuilders will include M/I Homes, Highland Homes, Toll Brothers, Shaddock Homes and William Ryan Homes.
The community will offer residents amenities including private gated entrances, a state-of-the-art clubhouse, a resort-style pool and a private trail system.
The community is located in the Prosper ISD school district.
Hines, an international real estate firm, along with Trez Capital, a non-bank commercial mortgage lender are collaborating on the project. Hines has more than 64 years of development experience in Texas and has nearly two decades of experience developing single-family communities.
“We are seeing a shift in the residential market as more people seek larger homes to accommodate the desire to work from home while fostering a greater sense of community with their neighbors,” said Dustin Davidson, managing director at Hines.
Single-family homes continue to be a big need in the DFW market.
"Demand for single-family homes continues to dominate the residential real estate market, and Hines’ Aster Park development will provide a dynamic option for families seeking a live-work-play lifestyle that’s abundant with modern amenities,” said Jennifer Fisher, vice president at Western Alliance Bank.