Princeton Mixed-Use Development to Become New Town Center
Dirt is moving on the largest undeveloped tract of land in Princeton. After two years on the drawing board, Princeton city leaders and a cast of heavy hitters in North Texas real estate development just broke ground on Princeton Crossroads, a 297-acre mixed-use project under development by IC-SB Princeton Land Partners. Unlike other mixed-use developments in Collin County and the metro region, the Princeton project will have a distinct twist all its own.
"Princeton Crossroads effectively becomes the new town center for Princeton," Chris Burrow, founding partner and CEO of Range Realty Advisors, the firm marketing the project, said in a statement.
Located on the north and south sides of U.S. Highway 380, the $575 million Princeton Crossroads will be anchored by a new 40,000-square-foot City Hall surrounded by a new park with two ponds, walking trails, a playground, and a dog park. The City of Princeton purchased the site, and it’s currently finishing the building’s design.
The location is prime for a mixed-use project. Not only will its 1.5 miles of highway frontage gain passenger visibility from around 20,000 vehicles daily, the development is near Princeton High School as well as the town’s recreational areas on Lake Lavon.
Though Princeton is still a growing small town, there’s nothing small about Princeton Crossroads. In addition to the new City Hall and sprawling greenspace, the project will include Fireside Square, a commercial and retail center that Phoenix-based Brown Group will develop. The firm is already in discussions with grocers, home improvement retailers, and a broad range of entertainment-related prospects, including restaurants and movie theaters. The Weitzman Group, based in Dallas, is representing Brown Group in retail leasing, pad site sales, and medical site sales.
“There is a significant void of retail services in Princeton, yet dramatic residential growth and high traffic along 380 to support additional retail services,” Dillon Cook, founding partner and COO of Range Realty Advisors, said in a statement. “Local citizens frequently call us asking for additional grocery, restaurant, entertainment, and home improvement options.”
Several residential components will be part of the mix at Princeton Crossroads. Aside from a multifamily apartment project, LGI Homes is developing an 88-acre neighborhood with 355 single-family homes, walking and biking trails, plenty of greenspace, and easy access to the new city park. Estimated prices start at $250,000.
An undisclosed Dallas developer is planning to construct 166 Class A townhomes along with $2 million in amenities, which will include a swimming pool, clubhouse, and open space for residents. Townhouse prices likewise start in the $250,000 range.
"The Crossroads project will be a great asset to Princeton," Derek Borg, Princeton's city manager, said in a statement. The project will also “provide more jobs to the town and expand the city's tax base. We're also excited to work with the developer on the new City Hall project to create a concept that blends the beautiful surrounding of the public space with an atmosphere of fine dining and entertainment.”
Princeton may be one of the best-kept secrets in the fourth largest metropolitan area in the U.S. and the fastest-growing county in Texas. While Dallas-Fort Worth has been experiencing a building boom, Princeton is quietly having its own residential building boom.
Most media sources may not have discovered Princeton, but residential home builders and developers have. Since 2012, its new home starts have skyrocketed 416 percent, and median home prices have jumped 65 percent. Just in the last year, residential lot sales were up 30 percent, according to the Princeton Crossroads press release. Consequently, Princeton’s population of only 6,807 in 2010 has surged to approximately 12,822 today.
Located on U.S. Highway 380 and FM roads 75, 1377, and 982, Princeton is about 30 miles from Dallas, 38 miles from DFW International Airport, seven miles from McKinney, and eight miles from Collin County Regional Airport, a North Texas hub for corporate aircraft. Part of Princeton is situated on the north shore of Lake Lavon, which is near four major park areas with camping, swimming, and picnicking facilities.