Developers plan to build a $6 billion master-planned community, Preston Harbor, anchored by a $100 million Margaritaville resort, in North Texas.
A group of developers has recently acquired, over 3,100 acres of land located to the north of Dallas along the shores of Lake Texoma. The land is situated approximately 75 miles north of Dallas in North Texas.
Craig International and the other investors formed Waterfall Development to acquire 3,114 acres for this development in Denison, Texas.
According to a press release the Preston Harbor community, in Denison has plans for, over 7,500 homes, including both luxury family and family residences. The community will also feature a resort hotel, retail spaces, restaurants, and an upscale marina.
City officials announced on Friday that a magnificent Margaritaville resort worth $100 million will serve as the attraction within this area.
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“This project holds significance, for North Texas and it stands as one of the largest land acquisitions in the history of Grayson County ” stated David H. Craig, CEO of Craig International, the development company. “Preston Harbor is set to bring about a transformation in Denison by unlocking the potential of the western side of the city that faces the expansive 90,000 acre Lake Texoma. With a stretch spanning 9.5 miles along Lake Texomas shoreline and an additional 27 internal lakes, including four lakes exceeding 25 acres each Preston Harbor promises to be an awe inspiring premier destination with its greenery and captivating topography. We have been diligently collaborating with the city authorities to drive this project forward and are grateful for our partnership, with Mayor Janet Gott, City Council members, and the City of Denison.”
Craig International, the company, behind the creation of the Craig Ranch community in McKinney joined forces with the Choctaw Nation, Dave Johnson (the founder and ex CEO of Planos Aimbridge Hospitality) and N9 Capital Partners, for the Preston Harbor project.
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“We are extremely excited to be involved in this investment that contributes to the growth of North Texas. It’s an honor to collaborate with developers on such a project that will undoubtedly leave a lasting positive impact, on Southeastern Oklahoma, North Texas, the City of Denison, and Lake Texoma, for many years ” expressed Chief Gary Batton of the Choctaw Nation of Oklahoma.
Craig International has recently revealed their plans, for a Margaritaville resort, in Preston Harbor, which is expected to cost around $100 million. The project will be developed by Horizon Capital Partners, a company founded by Johnson as stated in their news release.
“According to Johnson, the Margaritaville brand stands out as the choice, in the industry. There is nothing quite, like it in the Texoma area. We were specifically looking for a hotel partner known for providing a combination of fun and relaxed luxury, which perfectly aligns with the ambiance of Preston Harbor.”
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Preston Harbor community current stage
The development team, at Preston Harbor community is currently in the stages of completing the land planning and engineering for the project. They have set a timeline to commence construction, on the infrastructure of the area by 2024.
Other major developments in the area
A new development project is taking shape on the Oklahoma side of Lake Texoma 35 miles north of Preston Harbor. Hard Rock International and Pointe Vista Holding, an Oklahoma City developer are collaborating to create a Hard Rock Hotel and Residences, within the 2,700 acre Pointe Vista master planned development.
Craig mentioned that he anticipates the revealed Hard Rock Hotel, at Lake Texoma will bring about a greater improvement to the region. The construction of this project is set to commence in March. The hotel is expected to be open for business by mid-2026. Although the Pointe Vista development in Oklahoma encompasses casinos Craig clarified that there are currently no intentions to promote gambling, at his Lake Texoma venture.
If the plans, for Preston Harbor master-planned community in North Texas are realized it would also increase Denison’s population. Denison is currently home to over 26,000 residents as, per the data provided by the U.S. Census Bureau.
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