Centurion American Development Group has begun work on its first neighborhood within the 3,100-acre Preston Harbor development at Lake Texoma. The project, valued at $7 billion, marks a significant step for Denison, Texas, and is expected to double the city’s size.
The initial phase will see 1,300 homes constructed by Centurion American. The company acquired 550 acres from Waterfall Partners earlier this year. David Craig, CEO of Craig International and leader of Waterfall Partners, noted that estate lots ranging from half an acre to more than seven acres have attracted early interest. A targeted release of these sites is planned for next spring.
Preston Harbor is set to offer a total of up to 10,000 homes when complete. Centurion holds 1,184 conventional lots across 338 acres and 115 estate lots. Fewer than 1,500 apartments are also planned as part of the broader housing mix.
The development features 9.5 miles of shoreline along Lake Texoma. According to Mehrdad Moayedi of Centurion American, growth in nearby Sherman—driven by investments from companies such as Texas Instruments and GlobalWafers—has increased residential demand in Grayson County.
Centurion American has other projects in the area including the Cottonwood mixed-use community outside Dorchester. Production homebuilders like Lennar and D.R. Horton are also expanding into the region.
Infrastructure improvements are underway to support Preston Harbor’s scale. Construction on a key arterial road funded through escrow is scheduled to begin shortly after Thanksgiving and will take about a year to finish.
Once completed, this roadway will provide access to two major anchors: a planned Margaritaville resort led by Phoenix Hospitality and a marina with space for up to 900 boats. The first phase of the resort includes a 150-room hotel with restaurants, entertainment options, and 50 bungalows; construction is expected to last between 12 and 18 months after road completion.
Waterfall Partners is currently negotiating with a marina operator for a ground lease and considering plans for a medical clinic with Texoma Medical and Community Hospital Corporation.
Craig said: “Estate sites have drawn early interest prompting a targeted release next spring.”
Moayedi added: “Production homebuilders like Lennar and D.R. Horton are following suit.”
