A North Texas developer known for some of the region’s biggest projects has bought sections of the Bayside development on Lake Ray Hubbard.
Mehrdad Moayedi’s Centurion American Development Group purchased land in the Rowlett project on Interstate-30 for two residential projects.
In the works for more than five years, the 262-acre mixed-use development on the lake was originally planned to include everything from high-rise hotels to apartments and single-family homes.
The centerpiece of the $1 billion project was an 8-acore Crystal Lagoon waterpark to be built on the shore of Lake Ray Hubbard.
But after changes in ownership, Bayside has so far not met those ambitious plans. Parts of the project have been rechristened Sapphire Bay by the City of Rowlett.
Centurion American Development has purchased four acres in two tracts across the freeway from where the Crystal Lagoon is being built.
“This is on the north side of I-30 where all the apartment building has been,” Moayedi said. “There were two tracts left with the old partnership.
“They had quite a few offers and chose to go with us.”
Centurion American will use the property to build communities for more than 300 homes, townhouses and villas.
“It’s a great market for single-family residential and townhomes,” Moayedi said. “It came with three lots sitting on the lake.”
The more than 100 planned houses in the project will average around $400,000. And Moaeydi said the almost townhouses would cost between $275,000 and $400,000.
The land for the townhomes and villas must be rezoned from multifamily construction, he said.
Developer Western Rim Properties has already built apartments at Bayside in the same area where Centurion American purchased the land.
And Beazer Homes has a neighborhood in that section of the Bayside project.
“On the tract that’s already zoned, we are planning to break ground in 60 to 90 days,” Moayedi said.
Centurion American will sell home sites in the project to builder New Synergy Homes.
“We are also working with two or three different townhome builders,” he said.
The initial designs for Bayside – which broke ground more than four years ago – included two condominium towers and more than 1 million square feet of retail, entertainment, restaurant and office space.
The first phase of the Sapphire Bay second of the project is now scheduled to open late 2023,
The huge Crystal Lagoon waterpark that generated the most attention has resized from original plans.
“There is a big lagoon already there – its called Lake Ray Hubbard,” Moayedi said.
Centurion American Development is one of North Texas’ biggest residential community builders.
And Moayedi has been known for major projects including renovations of downtown Dallas’ landmark Statler Hotel and the redevelopment of the Collin Creek Mall in Plano.