By Aayush Gupta – Staff Writer, Dallas Business Journal
Centurion American Development Group is planting its flag at a $6 billion project on the shores of Lake Texoma.
The Farmers Branch-based firm, led by CEO Mehrdad Moayedi, bought 550 acres on July 28 from the owners of the huge Preston Harbor planned community. The seller was Waterfall Development Partners LP, formed in December 2023 to acquire the 3,114 acres for Preston Habor. Waterfall’s partners include David Craig of Craig International, Dave Johnson of Horizon Capital Partners, the Choctaw Nation of Oklahoma and Nagesh Kamarsu of N9 Capital Partners.
Craig is the master developer of Preston Harbor, a massive mixed-use project in Denison, a city with a current population of just over 25,000. The development plans include single-family and multifamily homes, the eagerly awaited Margaritaville Resort, retail, restaurants, walking trails and a marina on Lake Texoma.
Once complete, the development is projected to add $6 billion in property value, significantly increasing tax revenue for local schools and governments. The project will create new jobs and add housing, retail and recreation to the Lake Texoma area, which has seen increased interest due to its proximity to the growing semiconductor industry in nearby Sherman. The future semiconductor plants are expected to generate thousands of jobs about 60 miles north of downtown Dallas.
Centurion’s portion of the development at 8030 FM 84 will include more than 1,200 single-family homes, according to a July 29 announcement. A groundbreaking is planned for the third quarter, with lots expected to be delivered to builders by the end of 2026.
Although it is currently unknown which homebuilders will be featured, many homes will offer views of the lake and surrounding greenbelts. The goal is to create a community that appeals to a range of homeowners including those seeking a suburban or lakeside lifestyle to vacationers and remote workers.
“Preston Harbor is poised to be one of the premier residential developments not only in North Texas but across the region,” Moayedi said in a statement.
In terms of the overall Preston Harbor project, Craig said in an email that he is reviewing offers from additional buyers for large parcels but plans to be strategic with any future sales.
“We would not be interested in selling to someone that would directly compete with Centurion,” he said. “We are going to do everything in our power to ensure [their] success.”
“There is no one else in North Texas who can create the type of luxury lifestyle that Preston Harbor represents,” Craig added.
Craig said a feasibility study for the planned Margaritaville Resort is complete and the project is now in the design phase. The team has received multiple offers from marina companies to buy, lease or partner on the marina site.
He added that a substation site has been purchased by Oncor Electric Delivery, and utility plans with Atmos Energy for gas and AT&T for fiber are in final design. A site for a future elementary school is being sold to the Denison Independent School District, and land for police and fire facilities has been agreed upon with the city. Construction on a regional lift station is also expected to begin soon.
Below: Master plan for Preston Habor shows scope of development, circa 2024.
Craig, also the master developer behind the 2,200-acre Craig Ranch community in McKinney, has kept busy in 2025. After hosting the CJ Cup Byron Nelson golf tournament at Craig Ranch for the fifth year, he’s now working to bring a JW Marriott Resort to the Collin County community. The McKinney Community Development Corp. recently approved more than $35 million in incentives for the $325 million project.
As residents continue to head north, Centurion is working to keep up with the demand for housing. The firm recently purchased more than a thousand acres in Gunter for 4,200 single-family homes and is currently working on utilities for a 1,400-acre master-planned community in Dorchester. In Celina, homes are selling at Legacy Hills, a 3,200-acre development that will include the city’s first 18-hole golf course and nearly 7,000 homes. Last summer, the firm also bought more than 660 acres for a new community in Van Alstyne.
Population growth is picking up in rural communities near the Red River up, driven by affordable housing, good schools and easy highway access. As more workers and families move in, developments like Preston Harbor and other communities will help meet the growing demand for homes and amenities. While new tariff policies are driving up construction costs, new homes remain more affordable than resale in 12 markets including in Dallas-Fort Worth and in other cities in Texas, California, Colorado, North Carolina, Arizona, Florida, the District of Columbia and Utah.
Lake Texoma is already home to the Chickasaw Nation’s West Bay Casino & Resort, Chickasaw Pointe Golf Club and Catfish Bay Marina. In addition to the Preston Harbor development, a new $2 billion master-planned community is underway west of Durant, Oklahoma. Infrastructure work began in November for a future Hard Rock Hotel, the first of three planned resorts on the property.