GlobeSt.com EXCLUSIVE: $16M Condo Project Docking at Water's Edge

Water's Edge is the first development of its type for the 29,592-acre recreational lake 25 miles north of Dallas, Charles Holbrook, owner of Holbrook Partners Construction, tells GlobeSt.com. The project, set to break ground in April, will replace an aging mobile home park. "I was just very fortunate to have stumbled onto the property," Holbrook says of the culmination of three years of talks with the landowners, Charles and MJ Graham of Lake Dallas.

Holbrook likens the design to that of waterfront properties in the Carolinas and Florida. "It was difficult to get financed because there's nothing like it in Dallas/Fort Worth," he says. LJ Melody & Co.'s Jeff Shaw in Dallas raised $1.6 million in private equity and arranged a 24-month construction loan through Tony Stephenson of Colonial Bank in Dallas so Holbrook could get the project moving.

With a tip of the acreage jutting into the lake, Holbrook says the architect, Archon Group of Dallas, worked up a plan with "sunrise, sunset" views from every condo designed as permanent residences. The gated community, with Enviro Design of Dallas as the landscape architect, is positioned within walking distance of a marina with boat storage.

The two- and three-bedroom condos--a Millennium Luxury Living branding--will range from 1,200 sf to 2,100 sf with price tags from $179,900 to $285,000. Holbrook, who is eyeing an end-of-the-year delivery, has pre-sold 11 condos for the three-building development, situated in an area filled with single-family housing.

Holbrook, a veteran multifamily developer, is using Water's Edge as the DFW debut for his three-year-old Holbrook Partners Construction. In Austin, he is working on the 120-unit, 33-acre La Costa along Lakeline Boulevard and making his way through the permitting stage for a 31-condo development along Lake Austin.