(Frisco) - Hanover Property Co. is continuing its aggressive North Texas expansion, snapping up 325 prime acres in for an 825-home residential development. The deal involved the assemblage of three adjacent tracts that are north of Panther Creek Parkway and south of Rock Hill Road in Frisco. Hanover targets middle-market, second-time homebuyers, generally looking to pay $200,000 and up for a new home. Hanover will be talking to homebuilders over the next two to four weeks to gauge their interest in the new Frisco development, dubbed Miramonte. Until it picks builders, it's hard to put a price tag on the neighborhood. It's the second big project the company is tackling this year. Three months ago, Hanover acquired 920 acres off F.M. 548 in Forney for a 2,700-home residential community called Devonshire. Seven homebuilders are already on board. Lot development of the first 600-home phase will begin in November, with lots ready in late 2007 and homes ready for occupancy in 2008. "That area of east Frisco, pushing into McKinney, is showing excellent results, producing 1,400 home starts a year," Ted Wilson with Residential Strategies Inc. said. "It also has an extremely tight lot supply, at 18 months, when equilibrium is 24 months. The prices are slightly less than what you see in west Frisco, but still high."
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