Serene new $1.5 billion lakeside community coasts into affluent Dallas suburb
Celina's building boom continues. Prosper-based real estate investment firm Tellus Group LLC is bringing a $1.45 billion master-planned community to the rapidly growing suburb 40 miles north of Dallas.
The project, called Mosaic, encompasses 686 acres just to the north of Tellus’ Windsong Ranch master-planned community, which is a little bit west of Prosper. The Mosaic site, along Frontier Parkway, is nine miles southwest of downtown Celina and about one mile from the Dallas North Tollway.
“The North Dallas area is a highly sought-after primary home destination,” Craig Martin, president and founding partner of Tellus, says in a September 15 news release. “Mosaic is already a remarkable property, and it holds significant potential to be one of the best new master-planned lifestyle communities to come to this area since Windsong Ranch.”
Plans for Mosaic incorporate a nature-inspired lifestyle theme. As it stands now, every home will be within a five-minute walk to a greenway or park. More than 47 acres will be devoted to open space and parks. Lakes with fishing piers will anchor the development.
The first of about 3,000 homes are scheduled to be ready in the spring of 2023. Prices range from the low $400s to more than $1 million. Tellus estimates the community will be completed in six to 10 years.
Several residential developments are popping up in and around Celina, promising to further propel the city’s growth. Work is set to start later this year on a 3,200-acre development that will supply more than 11,000 single-family homes and apartments, called Legacy Hills.
Through May 31, Celina had issued 1,352 residential building permits this year, beating the much larger Frisco (1,283).
In April 2020, the population of Celina stood at 16,739, up 178 percent from 6,028 in April 2010, according to the U.S. Census Bureau. That makes Celina the fastest-growing city in North Texas.
The Celina Economic Development Corp. says the city is home to 22,793 people, with a total of 28,413 living in the Celina area. The city population is projected to rise 51,000 by 2026, with the area headcount swelling to 58,161. In 2020, Celina issued 1,862 construction permits for new homes.
City officials envision the area’s population eventually maxing out at 378,000.
Celina is also one of the most affluent suburbs. In January, a ranking from data provider HomeSnacks showed Celina catapulted 11 spots — from No. 14 to No. 3 — on the newest list of Texas’ wealthiest cities. Median household income sits at $124,375, the survey showed, the unemployment rate is 1 percent, and the poverty rate is 0.7 percent.