Centurion American Development Group, a Texas-based real estate development company owned by Mehrdad Moayedi, has acquired 522 acres of former ranch land for a new master-planned community of single-family homes in Little Elm.
Originally cattle ranch land, the future home site at U.S. 380 north of Lake Lewisville is owned by Spiritas Ranch Enterprises, a privately held firm owned by the father and son team Steven and Jason Spiritas.
“We have enjoyed working with Steven Spiritas and his team to complete this purchase,” Centurion American’s Moayedi said in a statement. “We are very optimistic about the possibility further growth and development in Little Elm, and are proud to be a part of that story.”
The planned Spiritas Ranch residential portion of the development is slated to include approximately 2,115 single-family homes and two upscale amenity centers. Adjacent to the upcoming master-planned community are various acres zoned for commercial additions retained by Spiritas Ranch. Builder partners are unnamed at this time.
“Spiritas Ranch represents the future of Little Elm,” Steven Spiritas said. “The most valuable intersection in this area will now be where the Ryan Spiritas Parkway exits 380 and over FM 720. We are proud to share this important parcel and are excited about the future of this development that Centurion American will bring to fruition.”
As Spiritas Ranch develops, the Ryan Spiritas Parkway will become a four-lane urban highway, named to honor Steven Spiritas’ late son, a Greenhill School alum who died at age 43. This throughway will ease the flow of traffic in this developing area.
Construction on the Spiritas Ranch project is expected to begin in Q1 2021.
In a separate 2019 transaction, Spiritas Ranch sold 392 lots to Lennar Homes for its Linden Hills development.
