Megatel Homes, a Texas-based homebuilder that funds part of its operations through private placements offered by its capital markets division Megatel Capital Investment (MCI), plans to develop a $450 million residential community in the Dallas suburb of McKinney, Texas dubbed “Venetian Lagoon.” The company has secured 204 lots in the first phase of the development.
Once completed, the project will have approximately 1,200 lots, including multifamily and single-family homes located alongside a manmade lagoon. The homes will range in size from 1,200 square feet to 3,500 square feet and will be priced between $250,000 to $500,000.
“By offering homes equipped with both the traditional top-of-the-market multifamily amenities and an idyllic, beachfront lifestyle, we are able to deliver unparalleled value to the community’s residents,” said Zach Ipour, co-founder. “The Venetian Lagoon community presents residents with a unique and luxurious waterside living experience in a suburban Texas location.”
The Venetian Lagoon development will include 15 acres of land planned for an entertainment center, a clubhouse, bowling alley, and lagoon amenities, including a pool, cabanas, and sand beaches. With potential to expand, once completed, the community will have more than 300 multifamily units and 1,200+ single-family homes. Construction of community is slated to begin this month.
Ipour explains that due to the coronavirus pandemic, several businesses are embracing more flexible work-from-home arrangements and that mortgage rates and interest rates are at historic lows.
“These factors have led to an influx of urban dwellers and apartment renters searching for homes to purchase in suburban markets across the United States, positioning McKinney, a suburb of Dallas, as an ideal location for this project,” he added.
The Venetian Lagoon is Megatel Homes first lagoon community out of the more than 100 developments the company has completed since 2006 and is one of 17 currently being planned by the firm.
In June 2020, Megatel purchased a 29-acre parcel of land in the Dallas suburb of Mansfield, Texas to develop a $40 million residential project known as Mitchell Farms.
Megatel Homes was founded in 2006 and has completed more than 100 developments, comprised of several thousand homes, across the states of Texas and Oklahoma.