Hillwood to Develop Remaining Twin Creeks Residential Property in Allen, Texas

Hillwood to Develop Remaining Twin Creeks Residential Property in Allen, Texas

Business Editors/Real Estate Writers

ALLEN, Texas–(BUSINESS WIRE)–Feb. 5, 2004

Hillwood, one of the largest residential developers in Texas, has purchased the remaining 400 acres of undeveloped residential acreage in the Twin Creeks master-planned community in Allen, Texas from Dal-Briar Corp. Over the next 8-10 years, Hillwood plans to develop 900 single-family lots with a product mix of luxury patio homes, estate homes, custom homes and traditional homes.

Hillwood’s section of Twin Creeks (www.twincreeks.com) is located on the western side of the development, which is southwest of the intersection of North Central Expressway (U.S. 75) and Texas State Highway 121. Many of the lots are adjacent to Twin Creeks Golf Club. Hillwood will break ground in the first quarter of 2004 and deliver the first lots by the end of this year.

“Hillwood is excited to be back in the Allen/Collin County market,” said Fred Balda, president of Hillwood Residential. “Our plan is to continue the master plan with the same attention to detail and quality that has always been synonymous with Twin Creeks. Allen is a dynamic area. Hillwood is delighted to have a role in the city’s on-going success.”

In January Hillwood partnered with Heritage Golf Group (www.heritagegolfgroup.com), which owns and operates high-quality private and semi-private golf facilities throughout the United States, to purchase the adjoining Twin Creeks Golf Club (www.twincreeksgolfclub.com). Hillwood and Heritage also are partners in Weston Hills Country Club in Weston, Fla.

The 18-hole daily fee Arnold Palmer-designed Twin Creeks Golf Club is one of the many amenities that are part of the Twin Creeks development. Residents of Twin Creeks also enjoy extensive hike and bike trails, an on-site elementary school, two swimming pools, lighted tennis courts, a sand volleyball court, basketball courts and baseball/softball diamonds.

Homes in the Hillwood section of Twin Creeks will range from $200,000 to more than $1 million. Well-respected builders Highland Homes (www.highlandhomes.com), Huntington Homes (www.huntingtoncustomhomes.com), Sanders & Associates Custom Homes, Oakley Custom Homes (www.oakleycustomhomes.com), Toll Brothers (www.tollbrothers.com) and Standard Pacific Homes (www.sptexas.com) will bring their exceptional home designs to Twin Creeks and work with Hillwood to maintain the excellence that is associated with the community.

In addition to its residential development and stake in the golf course at Twin Creeks, Hillwood has been marketing 600 acres of mixed-use commercial property at Twin Creeks since October 2002. A majority of the property is on the frontage of North Central Expressway.

This is the fourth large residential tract that Hillwood has acquired since September 2002. Last July Hillwood acquired 500 acres in Melissa, Texas for its Liberty community. In the fall of 2002, Hillwood purchased 192 acres in Glenn Heights, Texas for its Gateway Estates community and 260 acres in north Tarrant County for its Creekwood community.

Hillwood delivered approximately 1,500 lots and began development of another 1,100 lots in 10 residential communities across Dallas-Fort Worth last year.

Hillwood’s other residential projects include Heritage in north Fort Worth, Mustang Creek in Forney, Chisholm Ridge in north Fort Worth, the Shores on Lake Ray Hubbard in Rockwall, Stone Brooke Crossing in McKinney, Hulen Heights in southwest Fort Worth, The Chase at Stonebriar in Frisco and Falcon’s Lair in Mesquite.

Since 1989 Hillwood has developed residential communities with innovative features and top recreation amenities. The company has delivered more than 14,000 single-family lots in 22 cities throughout the Metroplex over the past decade.

Hillwood (www.hillwood.com), a Perot company, is ranked as one of the top 10 developers in the country and one of the top residential developers in Texas. The company is recognized for its high-profile projects and public-private ventures that bring tremendous value to its customers and partners. Hillwood is best known for its development of the 15,000-acre AllianceTexas project 15 miles northwest of DFW Airport and the $420-million American Airlines Center and Victory district near downtown Dallas. Hillwood’s newest projects are Lakeside Trade Center in Flower Mound, Texas; AllianceCalifornia in San Bernardino; and DeSoto Trade Center, a 225-acre business park in Southaven, Miss., part of the greater Memphis, Tenn. market.

COPYRIGHT 2004 Business Wire

COPYRIGHT 2004 Gale Group