Green Brick Partners, Inc. (NASDAQ:GRBK) (“Green Brick”) today announced the acquisition and development of three new master-planned neighborhoods in Frisco, Texas for over 1,000 homes with an expected build out value of more than $500 million.
“With some of the highest job growth rates in the nation, Frisco has continued to expand at a rapid pace. We made an investment in Frisco because it is a great place to live and work, and we are seeing demand for new construction greatly outpacing supply,” said Jim Brickman, CEO of Green Brick Partners.
“Frisco is one of the most dynamic markets for lot development in DFW. Presently, Green Brick is the most active developer in this market. Projects under way represent about 1/3 of all new development,” said Ted Wilson, of Residential Strategies.
The three new neighborhoods include Park Vista, which will consist of a mixture of 333 single-family homes, patio homes, and townhomes built by Green Brick subsidiaries Normandy Homes and CB JENI Homes, Frisco Springs, which will include 172 single-family homes constructed by Village Builders and Toll Brothers as well as 154 townhomes constructed by CB JENI Homes, and Edgewood, a 354-lot single-family home development which will feature Southgate Homes, Normandy Homes, Meritage, and M/I Homes as builders.
“The rapid growth of Frisco has led to some of the highest housing demand in the nation,” said Jed Dolson, President of Green Brick Partners’ Texas Region. “The average price for a new home in Frisco has exceeded $535,000 due to increasingly limited supply of land and rising construction prices. Our new developments will bring over 260 value-oriented homes starting in the $300’s that will be optimal for growing families looking to benefit from the great Frisco ISD schools.”
The 67-acre Park Visa community will be located at the southeast corner of Eldorado Parkway and Coit Road and the 97-acre Frisco Springs community will be located three miles west, at Eldorado Parkway and North Country Road. The 120-acre community of Edgewood will also be located in close proximity, at the intersection of Coit Road and Main Street. The three communities will be a short distance from the newly-announced 390-acre tract that is slated to be developed by the City of Frisco as a civic and sporting destination.
Frisco Springs is the first neighborhood under development, with home construction slated to begin the spring of 2018. Model homes in Edgewood will follow in early summer.
About Green Brick Partners:
Green Brick Partners, Inc. (NASDAQ:GRBK) is a diversified homebuilding and land development company. Green Brick owns a controlling interest in four homebuilding companies in Dallas, Texas (CB JENI Homes DFW LLC, Normandy Homes (a division of CB JENI), Southgate Homes DFW LLC, and Centre Living Homes, LLC), as well as a leading homebuilder in Atlanta, Georgia (The Providence Group of Georgia, L.L.C.). Green Brick also owns a non-controlling interest in Challenger Homes in Colorado Springs, Colorado. The Company is engaged in all aspects of the homebuilding process, including land acquisition and the development, entitlements, design, construction, marketing and sales and the creation of brand images at its residential neighborhoods and master planned communities. For more information about Green Brick Partners, Inc.’s homebuilding partners go to https://greenbrickpartners.com/team-builders/.
Any statements in this press release about Green Brick’s expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance that are not historical facts are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “outlook,” “strategy,” “positioned,” “intends,” “plans,” “believes,” “projects,” “estimates” and similar expressions, as well as statements in the future tense. These statements are based on assumptions that Green Brick has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Accordingly, all such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; demand for real estate investments in the geographic markets in which we operate; our ability to successfully manage and integrate acquisitions; significant inflation or deflation; labor and raw material shortages; the failure to recruit, retain and develop highly skilled and competent employees; an inability to acquire land suitable for residential homebuilding at reasonable prices; an inability to develop and sell communities successfully or within expected timeframes; risks related to regulatory approvals and government regulation; the interpretation of or changes to tax, labor and environmental laws and regulations; volatility of mortgage interest rates; the unavailability of mortgage financing; the occurrence of severe weather or natural disasters; risks related to future growth through strategic investments, joint ventures, partnerships and/or acquisitions; the inability to obtain suitable bonding for the development of housing projects; difficulty in obtaining sufficient capital; the occurrence of a major health and safety incident; poor relations with the residents of our communities; information technology failures and data security breaches; product liability claims, litigation and warranty claims; our debt and related service obligations; required accounting changes; an inability to maintain effective internal control over financial reporting; and other risks and uncertainties inherent in our business. Additional factors that could cause actual results to differ from those anticipated are discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s annual and quarterly reports filed with the Securities and Exchange Commission. Because the factors referred to above could cause actual results or outcomes to differ materially from those expressed or implied in any forward-looking statements made by Green Brick, you should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date of this press release, and Green Brick undertakes no obligation to update any forward-looking statement to reflect events or circumstances after such date.
Information Courtesy of | Source: Green Brick Partners, Inc.