Megatel Homes LLC broke ground June 15 on a new master-planned lagoon community dubbed Saint Tropez, located near the intersection of the Grand Parkway and Huffman Cleveland Road just east of Lake Houston. The announcement comes just one month after Texas Department of Transportation officials opened 52.5 miles of new Grand Parkway segments between New Caney and Baytown.

According to a June 15 news release, Saint Tropez is just one of 12 master-planned lagoon communities with resort-style amenities in development by Megatel Homes LLC—one of the largest private homebuilders in the U.S. with more than 100 communities.

"Megatel Homes has been searching for the optimum opportunity to gain re-entry into the Houston housing market," Megatel Homes co-founder Zach Ipour said in a statement. "We are excited to bring this revolutionary residential experience to the Houston area."

According to the release, the Saint Tropez $2 billion residential community will span more than 1,000 acres and comprise 4,500 single-family lots and multifamily units. Single-family homes will range in size from 1,500 square feet to 4,000 square feet and sell for between $350,000 and $700,000. Multifamily rental units will include one-, two- and three-bedroom options with monthly rental rates beginning at $1,200.

Per the release, Saint Tropez will feature resort-style amenities, including a manmade lagoon with white sand beaches where residents will be able to enjoy paddle boarding, kayaking, a swim-up bar, a FlowRider surf simulator, a waterslide tower, a playground, cabanas, a soundstage and a splash park.

The community will also include an entertainment district in which both residents and the public will be able to enjoy a restaurant, bar, adult lounge, teen arcade, bowling alley and an immersive indoor play area for children. Additional residential amenities will include a fitness and yoga studio, event spaces and a home design center.

"Lagoon communities have proven to be an extraordinarily popular residential option throughout Texas with heavy demand for these amenity-rich developments," Ipour said. "As a result of this significant demand, Megatel is pursuing the development of a dozen such communities throughout Texas and expanding to other states."

According to the release, preselling of the first phase of Saint Tropez is expected to begin within the next 60 days. Phase 1 of the development is expected to be completed by the first quarter of 2023.