The pace at which Centurion American is buying land and building master-planned communities up north should tell you just how bullish the Farmers Branch-based developer is about the Sherman silicon corridor. Considering the influx of rooftops that Texas Instruments’ Sherman semiconductor plant is drawing, the Texoma region is set to blow up.
Centurion American just announced the purchase of 680 acres in Grayson County for a master-planned community known as Cottonwood located in Dorchester, which is just southwest of Sherman. This is just months after announcing the purchase of a 500-acre tract in Gunter, which is just south of Dorchester on Preston Road.
The land, which was purchased from Walton Global, is part of a larger, cohesive master plan totaling 1,474 acres. Centurion American also manages development for the former Bluegreen community The Bridges at Preston Crossing.
Centurion American Plans Mixed-Use Development
According to the news release, a Municipal Utility District has been established on the property, which allows the development to offer increased amenities and a range of affordable housing, enabling the property to be competitive within the market. The concept plan includes a mixed-use community including residential, commercial, and office use.
“We are pleased to join forces with Centurion American to move this property into active development, and to collaborate with the City of Dorchester, Grayson County, and the Howe ISD,” said David Peter, executive vice president of special projects at Walton Global. “Cottonwood will be an amazing realization of Walton’s original vision and complement Centurion’s impressive portfolio of master-planned communities through the region. We look forward to continuing to work with them over the coming years as this project takes shape.”
Located 8 miles south of downtown Sherman in Grayson County, and 55 miles north of downtown Dallas, the parcel is also within the City of Dorchester Extraterritorial Jurisdiction and under a Development Agreement with the City of Dorchester.
Brokering The Sale of Cottonwood
Caleb Lavey and Rex Glendenning with REX Real Estate and Taylor Boyd with Adler Properties acted as brokers for the buyer and seller.
“It has been a pleasure working with Walton Global to close this deal and expand our presence into Grayson County,” said Mehrdad Moayedi, CEO and President of Centurion American Development Group. “We know that Cottonwood will be a community that will bring pride to the town of Dorchester, Grayson County, and Howe ISD.”
Walton Global already controls a large sum of land in North Texas and continues to make bets on the region’s paths of growth. In Dallas, Walton Global has sold approximately 4,000 acres and has nearly 15,000 available acres under management. In Fort Worth, the company has sold about 340 acres and about 1,800 available acres under management.
