Most of the property around North Lake is owned and will be developed by Billingsley Development. The community is part of their Cypress Waters development. The property is unique in that it is in the City of Dallas but will be serviced by Coppell Schools. The City will have limited control over the development of the property since it goes through the City of Dallas for zoning and development approval. Billingsley typically develops TND communities (Traditional Neighborhood Design's such as Seaside, Florida, etc.). Although the final plans of the community are not finalized, the project is very lage and will be developed over many years. The market will likely evolve and adapt to different conditions so it's hard to say what it will look like at build out and when it will be complete. For more info on the development agreement Billingsley has with the City of Dallas, click here
Although this presentation has a plan that is fluid and can change, you will see the devleopment will include a lot of non-residential uses. Per this presentation, the single family isn't scheduled to come on for at least 6 years into the project.
The City of Coppell will be the school district serving this area and the city currently owns a portion of the land in the Northwest corner of the community.
Ultimately the effect this will have on the existing Coppell housing market is unknown. I could argue it both ways. As a positive it may increase land values if the product is unique and complementary to existing housing stock. As a negative, the increased supply and the gap in housing age (most of Copell built prior to 2002), the new housing may be a preference and sell at a premium to older housing. Only time will tell.
I'd be happy to discuss this in more detail.
Aaron Duncan, RLA MBA
REALTOR, Coppell Realty
"The Coppell Grad and Coppell Dad"