Centurion American Development Group has begun work on its first neighborhood in the Preston Harbor development at Lake Texoma, moving forward with a $7 billion master-planned project. The company, led by Mehrdad Moayedi, is developing 1,300 homes in this initial phase.
The Dallas Morning News reported that Centurion American purchased 550 acres from Waterfall Partners earlier this year. Waterfall Partners is headed by David Craig, CEO of Craig International. This transaction marks a significant milestone for Denison, Texas, as the project is expected to double the city’s population and attract major homebuilders to an area near the Oklahoma border.
Moayedi and Craig have been friends for 45 years and said the overall value of the Preston Harbor project has increased to nearly $7 billion, up from previous estimates of $6 billion.
The housing component is substantial: Centurion holds 1,184 standard lots over 338 acres and 115 estate lots ranging from half an acre to more than seven acres. According to Craig, there has been early interest in these larger estate sites, with a targeted release planned for next spring. Lot deliveries are anticipated before the end of next year. Craig also estimated that Preston Harbor could eventually accommodate up to 10,000 homes. Plans call for fewer than 1,500 apartments within the community.
Preston Harbor controls approximately 9.5 miles of shoreline along Lake Texoma. However, Moayedi emphasized that demand is being driven not only by lakefront views but also by recent investments in semiconductor manufacturing nearby—Texas Instruments and GlobalWafers have made multi-billion dollar commitments in Sherman—which are fueling residential growth throughout Grayson County.
Centurion American is already involved in other developments in the region such as Cottonwood near Dorchester. Production homebuilders like Lennar and D.R. Horton are also increasing their activity locally.
Infrastructure projects are advancing alongside home construction plans. A major arterial road funded through escrow will begin construction shortly after Thanksgiving and take about a year to complete. This road will provide access to two key features: a proposed Margaritaville resort and a marina with capacity for 900 boats.
Phoenix Hospitality will lead development of the Margaritaville resort’s first phase—a hotel with 150 rooms plus restaurants, entertainment options, and 50 bungalows—which should take between twelve and eighteen months once roadwork concludes.
Waterfall Partners is negotiating with a prominent marina operator regarding a ground lease agreement for the marina site and exploring plans for a medical clinic with Texoma Medical and Community Hospital Corporation.
