CNO partners to bring Preston Harbor to Lake Texoma
The Choctaw Nation has been announced as a general partner in Preston Harbor, a master-planned community on Lake Texoma in Denison, Texas, just 30 minutes from the Choctaw Nation headquarters.
In January, Craig International announced that their partnership, Waterfall Development LP, has officially closed on the 3,114 acres the community will be built on. The project is estimated to have a $6 billion ad velorum, or property tax.
When completed, Preston Harbor is expected to have 7,500 homes, including luxury single-family, active adult, and multifamily homes, a resort hotel, retail, restaurants, and an upscale marina.
General partners for Preston Harbor also include David H. Craig, Dave Johnson and N9 Capital Partners. Miles Prestemon, Chief Operating Officer and President of the Development Division of Craig International, will be the Project Manager of Preston Harbor.
“This development will reshape our entire region and provide a level of economic impact that very few cities will ever experience. Denison’s economic strength and competitiveness will be enhanced for decades to come. Preston Harbor will establish Denison as the leader in the Texoma region, providing quality housing options, more lake access, recreation, new retail, and job opportunities. It perfectly aligns with our vision of creating quality of life for those who choose Denison as their home,” said Denison Mayor Janet Gott.
Craig International also announced a $100 million Margaritaville Resort for Preston Harbor. Hospitality partner Horizon Capital Partners, founded by Dave Johnson, former CEO of Plano-based Aimbridge Hospitality and a general partner in the project, will develop the location.
“The Margaritaville brand is the best in the industry, and there is nothing like this in the Texoma area,” said Johnson. “We wanted a hotel partner with a reputation for delivering fun and laid-back luxury, which reflects the overall feel of Preston Harbor. They have been looking to get into North Texas for years, and it is quite the coup that we got to partner with them.”
Preston Harbor is currently finalizing land planning and engineering. Groundbreaking is slated for late 2024.
Excerpt from ChoctawNation.com | READ FULL ARTICLE HERE