Megatel Homes LLC, a Texas-based homebuilder that funds part of its operations through private placements offered by its capital markets division Megatel Capital Investment (MCI), has broken ground on Saint Tropez, a lagoon community in Houston. This is one of 12 master-planned lagoon communities in development by Megatel. Pre-selling of the first phase of Saint Tropez is expected to begin within the next 60 days.
The $2 billion Saint Tropez residential community spans more than 1,000 acres and will include a manmade lagoon with sand beaches and amenities such as paddle boarding, kayaking, a swim-up bar, FlowRider surf simulator, a water slide tower, a playground, cabanas, a soundstage, and a splash park. Residents and the public will have access to an onsite restaurant, bar, adult lounge, teen arcade, bowling alley, and a children’s indoor play area. Other property amenities include a fitness and yoga studio, event spaces, and a home design center.
“Lagoon communities have proven to be an extraordinarily popular residential option throughout Texas, with heavy demand for these amenity-rich developments,” said Zach Ipour, co-founder. “As a result of this significant demand, Megatel is pursuing the development of a dozen such communities throughout Texas and expanding to other states.”
The lagoon community will include 4,500 single-family lots and multifamily units. Single-family homes will range in size from 1,500 square feet to 4,000 square feet and sell for between $350,000 to $700,000 each. Multifamily rental units with a mix of one-, two- and three-bedroom options start at $1,200 per month.
Megatel said that it was able to purchase the land for this development “at a reasonable price,” and the value has “nearly doubled” since purchase.
Phase one of the Saint Tropez development is expected to be completed by the first quarter of 2023.
Megatel Homes has completed more than 100 developments comprised of several thousand homes since its founding in 2006. The company currently has more than 100 communities and is spreading throughout the Dallas-Fort Worth metroplex.