UPDATED JUNE 2026 — What began as a decades-old vision has transformed into North Texas’ largest and most ambitious development project. Preston Harbor, a $7 billion master-planned community on Lake Texoma, is no longer just a promise—it’s actively under construction with 50 to 60 pieces of heavy equipment moving dirt across 3,100 acres, with plans to expand to 4,100 acres.
Seventy-five miles north of Dallas, on 9.5 miles of Lake Texoma’s shoreline, Preston Harbor represents more than real estate development. It’s a fundamental transformation of Denison, a city of 26,000 residents that could see its population double or triple within the next decade. The project, valued at $7 billion (up from initial $6 billion estimates), has evolved from land acquisition in January 2024 to full-scale construction by mid-2026.
From Vision to Groundbreaking
The project honors the vision of the late developer George Schuler, who dreamed of creating a premier waterfront destination on Lake Texoma. David H. Craig, CEO of Craig International—the same company behind McKinney’s successful Craig Ranch community—acquired 3,114 acres through Waterfall Development LP, a partnership that includes the Choctaw Nation of Oklahoma, Dave Johnson (founder of Planos Aimbridge Hospitality), and N9 Capital Partners.
“This project holds significance for North Texas and stands as one of the largest land acquisitions in the history of Grayson County,” Craig stated at the October 2025 groundbreaking ceremony. “Preston Harbor is set to transform Denison by unlocking the potential of the western side of the city that faces the expansive 90,000-acre Lake Texoma.”
The timing couldn’t be better. A massive economic boom is shifting north toward the Oklahoma border, anchored by billions in semiconductor expansions from Texas Instruments and GlobalWafers in nearby Sherman. Preston Harbor positions itself as the residential and lifestyle destination for this growing tech workforce.
What’s Being Built: A Complete Community
Preston Harbor will encompass 7,500 to 10,000 residential units, ranging from $500,000 standard homes to $10 million waterfront estates. The development includes luxury single-family homes, townhomes, active adult communities, condos, and ultra-exclusive estate lots priced at $2.7 million to $3.5 million just for land.
The centerpiece is a $100 million Margaritaville Resort, featuring 150 hotel rooms and 50 residential lakefront cottages, with groundbreaking targeted for late 2027. A massive 900-slip upscale marina is in final planning, with multiple national hospitality operators competing to operate it—a testament to the rarity of large-scale lakefront zoning on Lake Texoma.
But Preston Harbor goes beyond typical master-planned community features. The development includes dedicated land for Denison ISD schools (including a future on-site elementary school), land dedications for police and fire facilities, and even a private helicopter service announced by Centurion American CEO Mehrdad Moayedi. The helicopter service will shuttle residents directly to the Dallas metroplex, bypassing US-75 traffic entirely—a move designed to attract digital nomads, executives, and ultra-high-net-worth buyers.
The Bigger Picture: Texas Lakefront Boom
Preston Harbor isn’t alone in Texas’s lakefront renaissance. While North Texas prepares for 7,500 new homes at Lake Texoma, Central Texas is welcoming Four Seasons Private Residences on Lake Austin, which just secured an $870M construction loan after years of delays. Together, these investments signal that Texas lake communities are attracting massive capital across all luxury price points.
Infrastructure That Supports a Micro-City
What sets Preston Harbor apart is the serious infrastructure investment happening behind the scenes. Oncor Electric Delivery purchased a dedicated site within the development to build a brand-new electrical substation, guaranteeing grid stability. Atmos Energy completed natural gas line designs, while AT&T is planning master-planned community fiber internet. A massive regional sewer lift station is under construction to efficiently route wastewater away from the lake shoreline.
The City of Denison launched parallel infrastructure upgrades, including a new Lake Texoma raw water pump station scaling capacity to 50 million gallons. In a striking reversal, the city abandoned a 12-year plan for an industrial park on an adjacent 189-acre site, investing $12 million instead to create the “Gateway Development”—a walkable, high-end commercial corridor at US-75 and FM-84 that will serve as Preston Harbor’s official front door.
Market Demand Speaks Loud
Presales opened in May 2026, and demand has vastly outpaced supply. Developers received over 250 formal reservations for just 115 available plots at The Estates at Preston Harbor. The response confirms what developers suspected: there’s pent-up demand for premium waterfront living in North Texas.
Centurion American Development Group, which acquired a 550-acre parcel in July 2025, successfully attracted national builders Lennar and D.R. Horton to the project—marking the first time these production-scale builders have committed this far north toward the Oklahoma border. Initial residential lots remain on schedule for delivery to home builders by late 2026.
Why Preston Harbor Matters
Preston Harbor’s appeal extends beyond immediate development. The 9.5 miles of Lake Texoma shoreline, combined with 27 internal lakes (including four exceeding 25 acres), creates rare waterfront access opportunities. The Margaritaville brand’s reputation for relaxed luxury ensures lasting appeal. The combination of resort amenities, waterfront living, dedicated schools, utility independence, and innovative commuter solutions creates a sustainable model for long-term property value appreciation.
The project’s total buildout is expected around 2035—a 10-year outlook that reflects the scale of what’s being created. With an additional 1,000 acres under escrow, Preston Harbor could become even larger, solidifying its position as North Texas’ premier master-planned waterfront destination.
The Bottom Line
As of June 2026, Preston Harbor has evolved from ambitious announcement to active construction reality. With heavy machinery working daily, national builders committed, presales overwhelmed by demand, infrastructure in place, and the Margaritaville resort in advanced planning, the decades-long dream is finally becoming reality.
For readers seeking to understand Lake Texoma’s transformation into a major North Texas destination, Preston Harbor now serves as the definitive reference point—a $7 billion testament to what’s possible when visionary development meets perfect timing and genuine market demand.
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Preston Harbor Factsheet
Location: Denison, Texas (75 miles north of Dallas, on Lake Texoma)
Project Value: $7 billion (up from initial $6 billion estimate)
Total Acreage: 3,114 acres (with 1,000 additional acres under escrow—potential 4,100 acres total)
Lake Frontage: 9.5 miles of Lake Texoma shoreline
Total Lakes: 27 internal lakes (4 exceeding 25 acres each) + 90,000-acre Lake Texoma
Residential Units: 7,500–10,000 units (single-family homes, townhomes, condos, active adult communities)
Home Pricing Range: $500,000 (standard) to $10 million (waterfront estates)
Estate Lot Pricing: $2.7–3.5 million (land only, half-acre to 7 acres)
Resort: $100 million Margaritaville Resort (150 hotel rooms + 50 lakefront cottages; groundbreaking targeted late 2027)
Marina: 900-slip upscale marina (final partner selection in progress)
Key Developers:
Centurion American Development Group
Partners: Choctaw Nation of Oklahoma, Dave Johnson, N9 Capital Partners
Major Home Builders: Lennar, D.R. Horton
Infrastructure Partners: Oncor (electric substation), Atmos Energy (gas), AT&T (fiber internet)
Schools: Denison ISD elementary school site allocated
Gateway Development: 189-acre mixed-use commercial corridor at US-75 & FM-84 ($12 million investment)
Unique Features: Private commuter helicopter service to Dallas metroplex
Current Status (June 2026):
50–60 heavy machines actively grading
Full-scale mass grading underway
Presales opened (250+ reservations for 115 estate lots)
First residential lots delivery: Q4 2026
Total buildout completion: ~2035
Population Impact: Expected to double/triple Denison’s current population (26,000 residents)
Timeline Highlights:
Jan 2024: Land acquisition closed
Oct 2025: Official groundbreaking
July 2025: Centurion American partnership (550 acres)
March 2026: Gateway Development approved
May–June 2026: Presales launched, construction ramped up
Key Differentiator: First master-planned community this far north to attract national builders (Lennar, D.R. Horton)
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