Dive Brief:
- Scottsdale, AZ,-based homebuilder Taylor Morrison is opening two communities in the Dallas-Forth Worth, TX, market under its flagship brand, according to the Dallas Business Journal.
- The news follows the company’s 2012 acquisition of Darling Homes, which builds move-up homes in Dallas and Houston.
- The first two projects that Taylor Morrison has planned for the market are: Willowcreek in Auburn Hills, in McKinney, TX, which will contain 147 single-family homes when completed; and 416 lots at Waterford Point at The Tribute, a master-planned community in north Dallas. The total value of the investment over three years is $50 million, according to the Business Journal.
Dive Insight:
Construction is booming in Texas as supply struggles to keep pace with demand there.
In August, Taylor Morrison first announced that it was expanding the flagship brand into the Dallas-Fort Worth market. Its new division, Taylor Morrison Dallas, joined the company’s Darling Homes brand in the active metro area. Willowcreek in Auburn Hills and the lots at Waterford Point at The Tribute, scheduled to open in 2017, are the first Taylor Morrison-branded projects there.
The national homebuilder is targeting the active residential construction market in Texas. Last month, Realtor.com released a list of the 10 most active ZIP codes for housing based on how quickly homes sell and how long they are listed with the company’s online service. Watauga, TX, a suburb of Dallas-Fort Worth, took the No. 1 spot, joined by San Antonio as the two Texas cities to make the list.
In addition, a report from real estate consulting firm RCLCO in September ranked the Dallas-Fort-Worth-Arlington metropolitan statistical area third on its list of the top 25 for-sale housing markets based on single-family permitting from 2011 to 2015. Meanwhile, a report earlier this month from apartment-finding website ABODO based on data from the Bureau of Labor Statistics included five Texas metros — including Houston, Austin and Dallas — on its list of cities with the most construction employment opportunities.