Canyon Falls on 1,200 acres in Denton County UPDATE

FLOWER MOUND, ARGYLE, NORTHLAKE – Wheelock Street Capital has begun construction on Canyon Falls, a $1 billion, 1,200-acre master-planned community in Denton County.

The project will be located in Flower Mound, neighboring Argyle, and Northlake and is located along FM 1171 east of I-35W. With the shortage of home building lots in North Texas, developers are rushing to get new subdivisions underway.

Conn.-based Wheelock Street Capital purchased the land from an affiliate of Highland Capital Management.

About 1,750 single-family homes, apartments, shopping and commercial space will be developed on the property. The property sits in the Argyle and Northwest independent school districts.

The single-family homes range from the high $200s to $600s with a community clubhouse, resort-style pool, sports fields, playgrounds and walking trails along the creek.

The project’s initial roads and home sites are scheduled for completion later this year, with home sales beginning in early 2014

Read more at the Dallas Business Journal and The Dallas Morning News.

Listen to Podcast 172 for this story…and more!