TERRELL, TEXAS — Main Square Development has announced that the company has received approval from the Terrell City Council for the development of Terra Nova, a new $3 billion master-planned community.
Situated roughly 30 miles east of Dallas, the development will feature 1,200 multifamily units and a 48-acre mixed-use district, as well as 3,600 single-family homes. The mixed-use component of the development will include 200,000 square feet of shops, restaurants and offices anchored by a main square.
Terra Nova will also feature 145 acres of parks and trails, including 27 neighborhood parks connected by 30 miles of biking and hiking trails, with an additional 220 acres of open natural space. The first phase will include a neighborhood pool and amenity center, and a regional amenity center will be added in a future phase.
Project plans include 15 phases over the next 20 years.
Plano, Texas-based Main Square is working with the Terrell Independent School District to identify locations for future elementary and middle schools that will ensure Terra Nova’s future residents have access to public education. The developer is also dedicating six acres for new police station and fire department facilities, in addition to one acre reserved for a new water tank.
Situated within a public improvement district (PID) and supported by a tax increment reinvestment zone (TIRZ) offset, the development is expected to generate more than $800 million in annual property tax revenue at full build-out.
— Hayden Spiess