Since October, the Painted Tree residential community under development in McKinney has been in the news — and for good reason.
First, it was the introduction of the 3,400-home, 1,100-acre development itself, which the Oxland Group secured in early 2020. Last month, it was the disclosure that the ongoing development would add 25 miles of paths and trails.
Now, the Oxland Group development firm announced that 1,200 of its residential homesites will be delivered in the project’s Phase One. The community is projected to open in 2022.
More available homes should ease the lack of inventory that’s created a tight real-estate market in Dallas-Fort Worth. In Collin County, agents had 0.9 months of inventory in May, one-third of the total registered a year earlier, according to the MetroTex Association of Realtors. Housing economists who track supply and demand have determined that a six-month supply is considered healthy.
“This delivery will help provide a solution when demand is outpacing supply at record levels in North Texas,” Tom Woliver, co-president and founder of the Dallas-based Oxland Group, said in a statement.
“It will also serve as a valuable stepping stone for further development north.”
Developers have been turning ground on new residential communities up U.S. 75 and U.S. 380 northward toward Grayson County.
Painted Tree is north of U.S. 380 near Lake Forest Boulevard in McKinney.
The Oxland Group has assembled a list of builders that includes Trophy Signature Homes, Normandy Homes, CB Jeni Homes, Tri Pointe Homes, David Weekley Homes, Highland Homes, and Drees Custom Homes. They’ll be constructing detached townhomes and cottages, larger single-family homes, and some custom homesites. Homes will start near $300,000.
Amenities include the looped paths and trails, a 20-acre lake, 11.5-acre signature trailhead, and community gather space with pools, parks, and adventure playgrounds.
The project’s first phase will include 275 build-for-rent homes, a growing class of homes managed more like apartment buildings with shared amenities. In a statement Wednesday, Woliver said the first phase delivery is the largest of its kind in the Dallas-Fort Worth area.
