Construction starts on $1B lagoon-anchored residential community in Anna

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Megatel Homes LLC, based in Dallas has started construction on a $1 billion residential community centered around a lagoon in Anna. Zach Ipour, the co-founder of Megatel mentioned that the company aims to complete the second phase of this eight phase project by the end of 2024.

A groundbreaking ceremony for the master planned community named AnaCapri was held by Megatel on April 2. AnaCapri is situated west of Anna High School. Anna is 45 miles away from downtown Dallas and 11 miles north of McKinney. With a population of 30,000 residents this new development could potentially bring than 7,000 people to the area as stated by Ipour.

Ipour highlighted that bringing AnaCapri to the construction stage required collaboration from parties, including the city of Anna. The project received approval from the Anna City Council during a meeting in October year.

He also noted that Anna is becoming a preferred location for individuals commuting to Sherman, thanks to its close proximity and strategic positioning. Sherman has seen significant expansion in the semiconductor sector, contributing to Texas’ standing as a prominent player in chip manufacturing. Companies like Taiwanese-owned GlobiTech and Dallas-based Texas Instruments are setting up semiconductor manufacturing facilities near the Oklahoma border in Sherman. This development creates job opportunities not only for local residents but also for individuals across North Texas.

Over a hundred individuals have already relocated to the developed neighborhood marking the completion of the phase of the project. The developer intends to build 400 residences by year end as part of the next stage. The average price range, for homes, in this community falls between $480,000 and $500,000 according to his statement.

“Homes will continue to sell because we’re building something different than anybody else,” Ipour said, adding he does not know of another community like this in Anna. AnaCapri is named after a town on the Capri island off the coast of Italy.

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Anna Lagoon community at full build-out

The entire development anchored around the lagoon is projected to introduce up to 2,000 single-family homes and over 600 multifamily units to the burgeoning Collin County city, won’t be finished for another five years, as Ipour mentioned. Initially budgeted at approximately $800 million, the project’s scope expanded with Megatel’s acquisition of additional land for more homes, pushing the estimated cost to over $1 billion.

Ipour also mentioned that the community’s centerpiece, a 2.3-acre artificial lagoon, is expected to be filled with water by year’s end. This lagoon section of the community will boast amenities like a 60-foot water slide, sandy beaches, a surf machine, cabanas, and a bar and restaurant accommodating up to 100 guests. This feature will be accessible to non-residents as well.

“This type of quality, resort-style lagoon master planned communities, there’s always demand for it because it’s unique,” he said. “You cannot get this anywhere else, especially in the suburbs.”

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Furthermore, local families are eagerly anticipating the completion of a new elementary school joining the Anna Independent School District, situated near the forthcoming AnaCapri community. Currently under construction, the school is slated to open in time for the 2025-26 academic year.

In addition to the regarded school district, the neighborhood also features an entertainment hub next to the lagoon. Covering a 45,000 feet it will include amenities such, as a bowling alley, arcade, event venues, gyms and a variety of dining choices. Ipour shared that the company plans to recruit 70 staff members for both time and part time positions to manage the lagoon and entertainment area of AnaCapri.

AnaCapri community marks Megatel Homes’ fourth venture into lagoon-centric developments. Established in 2006, Megatel has outlined plans for multiple similar projects across North Texas, such as Bellagio in Forney and Sicily in Princeton. Additionally, the company is gearing up to commence construction on a $1 billion endeavor named SoHo Square in the Trinity Groves locality of Dallas.

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