SOURCE: Green Brick Partners

January 11, 2016 11:00 ET

Green Brick Partners Announces $170 Million Dollar Development in Frisco, Texas and December Progress

PLANO, TX--(Marketwired - January 11, 2016) - Plano-based Green Brick Partners, Inc. acquired 96 acres in Frisco, Texas along Eldorado Parkway between the Dallas North Tollway and Preston Road. The future development, Frisco Springs, will consist of 350 homes ranging in size from townhomes to traditional single family homes.

Jed Dolson, Green Brick's Head of Acquisitions, said, "The first phase of residential development will commence in early summer of 2016, with model homes opening in spring of 2017. Frisco Springs will be one of the most desirable neighborhoods in Frisco and only minutes from the Five Billion Dollar Mile that includes new headquarters for Toyota, Liberty Mutual, the 6000 worker JPMorgan Chase new office campus and the Cowboys new training facilities and stadium."

All the planned townhomes will be built by Green Brick Partner's subsidiary, CB JENI Homes. The homes are designed around 20 acres of open space with walking trails connecting owners to the $1.5 million dollar amenity center, complete with a pool, work out room, and entertaining areas.

The single family home sites, that are up to a quarter acre in size, are planned for sale to third party builders.

"We are excited to expand from of our Canals at Grand Park experience, offering homes targeting empty nesters and young professionals with even better amenities and access to employments centers at Legacy West and Frisco Station," said Steve Schermerhorn, Division President of CB JENI Homes.

Green Brick's CEO Jim Brickman said, "December was a very busy month. We increased our unsecured credit facilities by $40 million and added 800 AAA location home sites to our pipeline that should contribute to our profitability for years to come."

Green Brick Partners (NASDAQ: GRBK) owns a controlling interest in four homebuilding companies in the Dallas area -- Normandy Homes, CB JENI Homes, Centre Living Homes and Southgate Homes. Its Providence Group is a leading homebuilder in Atlanta. The company currently controls approximately 4,800 prime home sites and is building in Allen, Carrollton, Flower Mound, Frisco, Keller, McKinney and Plano as well as in other DFW markets and in Atlanta, Georgia markets.

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