Craig International announced today their new partnership, Waterfall Development LP, has officially closed on 3,114 acres for the Preston Harbor master-planned community located on Lake Texoma, about 75 miles north of Dallas in Denison, Texas. The project, which is estimated to have a $6 billion ad valorem on build out, will include approximately 7,500 homes, including luxury single-family, active adult, and multifamily, a resort hotel, retail, restaurants, and an upscale marina.
“This is a monumental project for North Texas and one of the largest land purchases in Grayson County history,” said David H. Craig, Founder, Chairman and CEO of Craig International. “Preston Harbor will transform Denison, opening the entire west side of the city to the 90,000-acre Lake Texoma. Not only do we have 9.5 miles of shore frontage on Lake Texoma, but there are also 27 internal lakes, with four lakes greater than 25 acres, as well as trees and topography, which will make Preston Harbor a stunning premier destination. We have been working diligently with the city to move this project forward and have a great partnership with Mayor Janet Gott, the City Council, and the City of Denison.”
The land was purchased from Preston Harbor LP and Preston Harbor Homeplace LP.
“It took 20 years of dedicated leadership, a can-do attitude, a spirit of collaboration, and a focus on results to position our community as a partner in such a once-in-a-lifetime project,” said Janet Gott, Mayor, City of Denison. “This development will reshape our entire region and provide a level of economic impact that very few cities will ever experience. Denison’s economic strength and competitiveness will be enhanced for decades to come. Preston Harbor will establish Denison as the leader in the Texoma region, providing quality housing options, more lake access, recreation, new retail, and job opportunities. It perfectly aligns with our vision of creating quality of life for those who choose Denison as their home.”
General partners for Preston Harbor include David H. Craig, Dave Johnson, Choctaw Nation of Oklahoma, and N9 Capital Partners. Miles Prestemon, Chief Operating Officer and President of the Development Division of Craig International, will be Project Manager of Preston Harbor.
Choctaw Nation of Oklahoma Chief Gary Batton said, “The Choctaw Nation is thrilled to be part of this investment into the North Texas economy and to partner with world-class developers on this incredible project that will have a powerful impact onSoutheastern Oklahoma, North Texas, the City of Denison, and Lake Texoma for years to come.”
“This is a legacy project in every way,” said Nagesh Kamarsu, Managing Partner of N9 Capital Partners. “Preston Harbor is a one-of-a-kind development that will improve the quality of life for Denison residents by bringing more opportunity and growth to the region. We’re partnering with people that have success and collective experience and the impact will be beyond what anyone could imagine.”
Craig International also announced a $100M Margaritaville resort for Preston Harbor. Hospitality partner Horizon Capital Partners, founded by Dave Johnson, former CEO of Plano-based Aimbridge Hospitality, and a general partner in the project, will develop the location.
“The Margaritaville brand is the best in the industry and there is nothing like this in the Texoma area,” said Johnson. “We wanted a hotel partner with a reputation for delivering fun and laid-back luxury, which reflects the overall feel of Preston Harbor.”
Jim Wiseman, President of Development at Margaritaville said, “We’re excited about our continued growth throughout the state of Texas and look forward to working with Craig International and the city of Denison to create a world-class destination with a Margaritaville vibe on Lake Texoma.”
More details about the resort will be announced at a later date.
Preston Harbor is currently finalizing land planning and engineering. Groundbreaking is slated for late 2024.
The seller was represented by Steve Cook of Steve Cook & Co. and Jim Meara of Jim Meara Co. The buyer was represented by James Craig of Craig International and John Auletta and Kaitlyn Sogga of JTA CR Group. Craig International has the exclusive listing for Preston Harbor.