The Bryan Square units will deliver in November and set the stage for the second building wave, Peyman Horri tells GlobeSt.com. Rex Mackey of Builders Planned Services in Dallas designed the project. The developer has hired a construction manager, Dennis Crawford, to steer its in-house building team, HT Custom Homes.
Horri says the decision to build rather continue with its past practice to buy, subdivide and sell to other builders is mortared in profitability. He says the past reaped profits of 30% to 35%, but believes the future can realize 60% to 65% with the new approach. The past three years, he explains, has been a learning curve. "We saw how to do it," he says.
Horri estimates the first phase, including land, will carry a price tag of nearly $3.8 million to about $4.3 million to develop. He says the group is "a second-tier pioneer" in developing in the eastern sector. Three years ago, Horri Investments sold tracts for the development of nine Bryan Place brownstones that the developer hawked in just 27 days. He and principal Graham Thomas are hoping Bryan Square and the phase two, being called Exall Place, drives the same interest among would-be buyers looking to live in the inner core of Dallas. The development site is near the 16-lot Exall Park brownstones, which are nearing completion.
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