A $1 billion Collin County residential development is growing with a big land purchase.
Developer Cambridge Cos. has acquired an additional 557 acres for its Mustang Lakes project in Celina.
The land buy will allow for an additional 1,600 homes in the 3-year-old residential community located at near Preston Road at Roseland Parkway, north of U.S. Highway 380.
With the expansion, Mustang Lakes is now planned for about 3,400 homes at completion.
Houses in the project range in price from $300,000 to $2 million.
“This addition of land will allow us to complete the overall vision for Mustang Lakes,” Matt Alexander, vice president for Dallas-based Cambridge Cos., said in a statement. “We took the utmost care to create a master plan that respected the past while creating a wonderful place for new families to call home.
“The result is evident in thoughtful and meticulously planned details implemented throughout – from the preservation and relocation of dozens of large oak trees to the lakeside vistas and parks, and of course the conversion of the Folsom Ranch house into a one-of-a-kind amenity center unparalleled in North Texas.”
Mustang Lakes was built on the former Collin County ranch the late Dallas mayor Robert Folsom.
Cambridge bought the property more than a decade ago.
The residential project includes a 12,000 square foot community swimming pool, amphitheater and tennis courts.
There’s a 20-acre central park hiking trails and a private 5-acre fishing lake.
Homebuilders in the community include Britton Homes, Coventry Homes, David Weekley Homes, Perry Homes, Drees Custom Homes, Highland Homes, Dave R Williams and Sharif Munir.
Home sites in the new third phase of Mustang Lakes will be ready by the end of 2019.