Welcome to Ultraground. We send you development agreement details.

CC May 27, 2025

West Anna

City Council 5/27/25

Teague Griffin of Old Prosper Partners secured unanimous approval Tuesday night for an 808-acre deal in west Anna, delivering 3,000 residential units with specific ownership restrictions. The $260M 'Oak Ridge' project, positioned west of US 75, comprises 1,930 single-family homes and 182 townhomes, with Tri Pointe Homes targeting sales prices from the upper $500s to $850,000—roughly double Anna's current average of $350,000-$400,000.

The development agreement defines an "institutional investor" as any entity or individual purchasing more than five detached single-family lots with intent to rent. These institutional investors cannot collectively purchase more than 5% of the single-family detached inventory, approximately 96 homes. The 182 townhomes in Pod 5 appear to sit outside this restriction entirely, as the language specifically addresses "detached single-family lots."

The economics of Oak Ridge rest on a complex public financing structure. The Public Improvement District will issue $188.2 million in bonds at an assumed 6.35% interest rate over 30 years. These bonds generate $156.7 million for project improvements after accounting for $14.6 million in debt service reserves, $16.9 million in financing costs, and administrative fees.

The PID assessment averages $89,106 per unit, translating to $5,960 in annual payments. For a $600,000 home—the midpoint of Tri Pointe’s projected range—the total annual obligation breaks down as follows: base property taxes of $11,958 (at Anna's current rate of $1.993 per $100), plus the PID assessment of $5,960, minus a projected TIRZ credit of $1,520, yielding a net annual payment of $16,398.

The city's financial participation includes creating a 49-year Tax Increment Reinvestment Zone capturing tax increment from the increased property values. In residential areas, the developer receives 100% of the increment until PID assessments are levied, then 50% for up to 31 years. This TIRZ participation effectively reduces the net PID burden from $1.3506 per $100 of value to $1.0970 after the credit.

Lot values vary significantly by size. The finished lot pricing structure shows 22-foot townhome lots at $69,300, 40-foot lots at $90,200, 50-foot lots at $108,900, 60-foot lots at $119,900, 70-foot lots at $132,000, and 80-foot lots at $144,100. With projected build-out values, these translate to completed homes ranging from $346,500 for townhomes to $720,500 for 80-foot lots.

The city collects a non-reimbursable PID fee of $3,400 per single-family lot, generating $10.2 million across the development. Impact fees remain separate, assessed at current rates during permit application, with quarterly reimbursements to the developer for eligible improvements through a dedicated account.

Infrastructure responsibilities divide between the parties. The developer funds all on-site improvements plus major water and sewer lines shown in the master plan. The eastern portion connects to the existing Hurricane Creek Sanitary Sewer Line B, while western phases await the city's 54-inch Trinity Line, promised operational by January 2029. Developer responsibilities include constructing FM 455 frontage improvements and dedicating 120-foot rights-of-way for Cowan Road and Trinity Falls Parkway as six-lane divided arterials.

In his first meeting as a council member, newly sworn-in Place 6 CM Manny Singh focused his questions on development quality and variety. His examination revealed Tri Pointe Homes will deliver five to eight floor plans per lot size with four to five elevations each, with restrictions preventing identical facades within four lots. Singh emphasized how the development advances the council's stated goals, particularly noting the commercial component bringing services closer to existing residents.

Singh replaces longstanding council member Lee Miller in the Place 6 seat.

Bruce French from Tri Pointe Homes provided context for the product mix decisions, confirming 14 months of market studies across multiple concept plans led to eliminating multifamily entirely. The company, which closed 600 homes last year and targets 1,000 annual closings, operates in 14 DFW communities.

Betty Sharp, a resident, visited Painted Tree in Trinity (not McKinney) and was concerned about its construction quality. She worried Oak Ridge would have similar minimum standards. During the meeting, Bruce French clarified that Tri Pointe Homes is only one of several builders in Painted Tree - they didn't develop that community. French explained that Tri Pointe typically develops about 65% of their projects themselves (like Oak Ridge) but Painted Tree was developed by someone else entirely.

Mayor Pro Tem Stan Carver II's comments revealed the city's positioning strategy. Carver suggested equestrian amenities to "attract professional higher income people to the city of Anna." His reference to a nearby neighborhood "turning million-dollar homes just recently" signals the price trajectory the city envisions.

The resident opposition focused primarily on deviations from the 2050 comprehensive plan—specifically commercial placement north of FM 455, townhomes in areas designated for larger lots, and 40-foot lots falling below the 6,000-square-foot suburban living standard. Despite these concerns, the council approved unanimously, with the development agreement's anti-rental provisions apparently outweighing planning inconsistencies.

The institutional investor definition has two components:

So if you buy 1-5 rental properties, you're not considered an institutional investor. Once you buy that 6th property, you become an institutional investor and your purchases count toward the 5% cap (approximately 96 homes out of 1,930 single-family detached units).

The townhomes (182 units) appear to sit entirely outside this restriction since the language specifically references "detached single-family lots."

Pod 1

Pod 2

Pod 3

Pod 4

Pod 5

Developer/Owner: Old Prosper Partners, Teague Griffin Phone: (214) 912-6156 Email: [email protected] LinkedIn

Builder: Tri Pointe Homes, Bruce French Phone: (214) 876-2559 Email: [email protected] LinkedIn

Representative: Greenberg Traurig, LLP, Drew Slone Phone: (305) 579-0500 Email: [email protected] LinkedIn

Staff Report: Oak Ridge

Development Agreement (DA): Oak Ridge DA

Project Plans: Oak Ridge Plan