The 297-acre commercial tract is located on the north and south sides of US Highway 380.
PRINCETON, TX—Princeton's population has nearly doubled in the last years, resulting in significant single-family residential development. This residential demand is due to its location on US Highway 380, its close proximity to the US Highway 75 corridor and its commuting proximity to notable DFW employers. Additionally, residential lot sales in Princeton have increased more than 30% in the last year.
To remedy some of that immense demand, a new development, Princeton Crossroads, will be one of the largest mixed-use projects in Collin County at 297 acres. It will include the new Princeton City Hall, a retail center, a multifamily project, 333 single-family homes, 166 townhomes and a city park. The site for this project is the largest undeveloped commercial tract in Princeton on the north and south sides of US Highway 380.
The proposed Princeton Crossroads development is ideally positioned for mixed-use development, being located just east of Princeton High School and in close proximity to the town's residential neighborhoods, as well as recreational areas including Lake Lavon. Princeton's new 40,000-square-foot city hall will be located on the north side of US Highway 380. The city has already acquired the property and groundbreaking is set for October 25.
“Princeton Crossroads effectively becomes the new town center for Princeton,” states Chris Burrow, founding partner and CEO of Range Realty Advisors, which is marketing the project. “The new city hall will be surrounded by a new city park that will feature two ponds, walking trails, a playground and dog park.”
A proposed commercial/retail center, Fireside Square, will be developed by Brown Group of Phoenix. Brown Group is currently in discussions with grocers, home improvement retailers and a wide range of entertainment-related users including movie theaters and restaurants. The Weitzman Group of Dallas is representing Brown Group in retail leasing, pad site sales and medical site sales.
“There is a significant void of retail services in Princeton, yet dramatic residential growth and high traffic along 380 to support additional retail services. Local citizens frequently call us asking for additional grocery, restaurant, entertainment and home improvement options,” says Dillon Cook, founding partner and COO of Range Realty Advisors.
Princeton Crossroads, under development by IC-SB Princeton Land Partners, will also feature a new 88-acre residential development by LGI Homes that will include 355 single-family homes with green spaces, walking and bike trails, and will have immediate access to the new city park. Home prices will start at approximately $250,000.
A Dallas-area developer is planning the construction of 166 class-A townhomes, which will include a $2 million amenity package with a swimming pool, clubhouse and open space for its residents. The townhomes will be priced from $250,000.
The project is an example of a successful public/private partnership, Princeton's city manager says.
“The project is poised to be the focal point of Princeton. Ultimately it will provide more jobs and will expand the city's tax base. The city is hoping the project will draw some needed accommodations like sit-down restaurants, medical facilities and some much-needed retail,” Derek Borg, Princeton's city manager, tells GlobeSt.com. “We are also excited to work with the developer on designing the new public site that will include a much-needed new city hall site. The Princeton Economic Development Corporation is partnering with the developer in order to develop a concept that blends the beautiful surroundings of the public space with the atmosphere of fine dining. All in all, this will be a great addition to the city of Princeton.”
While there is no hospital in Princeton, discussions are in the works for a medical facility, GlobeSt.com learns.
Collin County is the fastest-growing county in Texas, and has experienced a population increase of 40% since 2010. The current trade area population is slightly less than 40,000.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
