A developer has secured financing for a 2,700-home development east of Dallas, another in a line of projects designed to accommodate the area’s growth and help ease Texas’ housing shortage.

Tellus Group is planning the 1,079-acre Meraki 6 miles north of Highway 80 in Forney, Texas, according to the company. Houston-based First Continental provided a $45 million loan, the largest in its 30-year history, according to the company.

The Dallas metropolitan area, with a population of 8.1 million, is the fastest-growing region in the nation, adding more than 152,000 residents between 2022 and 2023, according to the latest figures from the U.S. Census.

Tellus and other builders are acquiring thousands of acres across Texas for new homes to fulfill demand. In a joint statement, First Continental and Tellus cited a report last summer by the Texas comptroller’s office that blamed underinvestment in housing for leaving the Lone Star State short more than 300,000 homes in recent years.

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The first Meraki homes should be ready by the fourth quarter, with full buildout expected in 2035, according to Andre Ferrari, Tellus’ chief operating officer.

Homebuilders in the 406-lot first phase are Bloomfield Homes, Highland Homes, American Legend Homes, Perry Homes and Shaddock Homes, Tellus noted. The three- to six-bedroom single-family homes will range in size from 1,250 to more than 5,000 square feet. Townhouses are planned for future phases.

Commuters benefit

Forney is about 20 miles outside Dallas. Prices have not yet been announced but Meraki homes will provide commuters with cheaper alternatives to ultra-expensive areas in and close to downtown Dallas, Ferrari said in an interview.

“We targeted this specifically, both because of the growth in the area and also because of the land features of this particular property,” he said.

Aside from the homes, the project will allow for 300 acres of trails and other open spaces, along with an elementary school and so-called amenity centers, according to Tellus.

Besides Meraki, Plano, Texas-based Tellus’ other Dallas-area projects include 3,200 lots at Windsong Ranch in the city of Prosper and 1,700 lots at Mosaic in the city of Celina. The company also is due to break ground on the 3,000-home Sherley Farms in Anna, Texas.

With a population of more than 35,400, Forney is the nation’s 10th-fastest-growing city among municipalities with at least 20,000 residents, Census figures show. Celina is the fastest-growing city with a population of more than 43,000. Anna is ranked fourth at 27,501 and Prosper ninth at 41,660.

Ferrari explained that his firm’s land strategy is tied to the burgeoning Texas towns.

“It’s always a very important factor, being where the growth is headed,” he said.