Megatel Homes LLC, one of the largest homebuilders in the state of Texas, today announced that the company has secured 204 lots in the first phase of the development of the Venetian Lagoon community in the Dallas suburb of McKinney, Texas. Once completed, the more than $450 million project will feature approximately 1,200 lots, including multifamily and single-family homes located alongside a manmade lagoon. The homes will range in size from 1,200 square feet to 3,500 square feet and will be priced between $250,000 to $500,000.

"The development of this lagoon community is a perfect illustration of Megatel Homes' innovative thinking and out-of-the-box mentality," said Zach Ipour, co-founder. "By offering homes equipped with both the traditional top-of-the-market multifamily amenities and an idyllic, beachfront lifestyle, we are able to deliver unparalleled value to the community's residents. The Venetian Lagoon community presents residents with a unique and luxurious waterside living experience in a suburban Texas location."

Lagoon communities offer residents traditional multifamily amenities in addition to unique features, including convenient access to beach and waterfront recreational experiences, such as kayaking and sand activities. Additionally, residents benefit from access to nearby water parks, restaurants, and dog parks.

The Venetian Lagoon development will feature 15 acres of land planned for an entertainment center, a clubhouse, bowling alley, and lagoon amenities, including a pool, cabanas, sand beaches, and more. With potential to expand, once completed, the community will include more than 300 multifamily units and over 1,200 single-family homes. Construction for the Venetian Lagoon community is slated to begin this month.

Ipour explains that due to the coronavirus pandemic, several businesses are embracing more flexible work-from-home arrangements and that mortgage rates and interest rates are at historic lows. "These factors have led to an influx of urban dwellers and apartment renters searching for homes to purchase in suburban markets across the United States, positioning McKinney, a suburb of Dallas, as an ideal location for this project."

The Venetian Lagoon is Megatel Homes first lagoon community out of the more than 100 developments the company has completed since 2006, and is one of 17 currently being planned by the firm.