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GLENN HEIGHTS, TX-Hillwood Residential has picked its next project area, honing in on 192 acres in South Dallas, where a revitalization has taken root as development of all type pushes out of the ground.

Fred Balda, Hillwood Residential’s president, tells GlobeSt.com that a local retail developer has 17 acres under contract for a grocery-anchored project for Gateway Estates at the intersection of Interstate 35 East and Bear Creek Road. Another 50 acres, fronting the interstate, are earmarked for commercial development.

Gateway Estates will be Hillwood Residential’s first master-planned community in South Dallas, a decision predicated purely on the area’s present building boom. Hillwood acquired the utility-served acreage two weeks ago from SPG International of Dallas. “That market is just booming,” Balda says. “It has a very tight lot supply and we were able to get buy it at a good price…to deliver a master-planned community at affordable prices.”

The first 230 lots will deliver in summer 2003 at a cost of $4 million for the land development, according to Balda. Texas Homes and Legacy Homes hold the contracts to bring out 445 single-family homes in the $120,000 to $180,000 price range. Balda says 20 acres have been set aside for a multi-faceted park, designed to be the community centerpiece. Gateway Estates will be the 10th master-planned community for Hillwood Residential.

The retail land closing is ticketed for November, the same time that dirt will be pushed on the first wave of home sites. But, Balda says, that retail could easily be coming out of the ground now, given the demand in that corner of Dallas County. The other 50 acres eventually could house big box retail, hotel and office development–projects that Balda admits “won’t sell tomorrow, but in time will.

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