A Plano developer confirmed plans June 1 for a mixed-use project that is expected to be valued at more than $1 billion once completed on 637 acres of Brinkmann Ranch.

In addition to thousands of single-family homes and multi-family units, the project includes approximately 16 acres for Frisco parks and 31 acres for Frisco ISD schools. Landon Development Company has confirmed that it finalized its purchase of that land from Brinkmann Ranches, the former owner of the property.

John R. Landon, founder and CEO of Landon Development Company and Landon Homes, said the project will feature rental property, luxury homes, a grocery store, restaurants and retail shops.

“It's all about creating a great place to live [that is] very convenient to where you'd work and play,” Landon said. “We’re excited about the location and the quality of the project that we're going to be able to build here.”

The planned development is on the southwest corner of the intersection of Eldorado Parkway and Coit Road on the Brinkmann Ranch property in Frisco.

Landon Homes is planning a single-family subdivision on about 469 acres that will be located across from one of the developer’s previous projects.

“This is going to be continuation of our Lexington Country community,” Landon said of the development located on the east side of Coit Road. “It'll be named something similar to that but a little bit different. We plan to take the same quality that we built there and just expand on it.”

He said the new homes to be built are expected to start at a sales price of less than $400,000.

“[It] is very exciting for us to be able to offer homes in Frisco at that price point,” Landon said. “We'll plan on starting from under $400,000 to up to possibly as high as over $700,000.”

A development agreement with Landon negotiated by city of Frisco staff earlier this year cut the number of multifamily units being built on the tract of Brinkmann Ranch to a maximum of 2,480 units. Landon said Frisco was “very good to work with” on that agreement.

“One of the modifications that we did that was very desirable for the city is we reduced by over half the amount of apartments that we’re going to build on it than what was allowed,” Landon said. “Then we also secured the right-of-way for Hillcrest [Drive] to be completed all the way from Main Street to Eldorado [Parkway].”

Landon said his company has entered into an agreement with the Trammell Crow Company to build 2,300 urban-style apartments on the tract that will ultimately wrap around the planned retail development.

The project will also include land dedicated for the continuation of Frisco’s hiking and biking trails.

Landon said his company plans to break ground on the mixed-use development later this year.