Dallas-based Megatel Homes is bringing white sand beaches to Forney with a new $800 million lagoon community development.
The Bellagio Lagoon community is one of a growing list of developments to feature a large man-made lagoon and waterfront recreational activities. Its 400 homes will range from 1,800 to 4,200 square feet at prices between $349,000 and $600,000.
Amenities at Megatel’s lagoon communities are more akin to a beach resort than a suburban housing complex. Bellagio Lagoon will have a swim-up bar, a surfing simulator machine and dedicated adult, teen and children’s lounges.
“Megatel lagoon communities have proven to be a game-changing asset type for our firm,” said Megatel co-founder Aaron Ipour. “We have received tremendous feedback from potential homebuyers, which has greatly exceeded our expectations.”
Bellagio Lagoon is the company’s third such community, and the announcement of its development comes just months after Megatel revealed plans for a $1 billion lagoon community in West Dallas. The firm has five additional lagoons scheduled for presale this year and is looking at expanding lagoon communities in Oklahoma, Florida, North Carolina and South Carolina.
The decision to break ground in Forney was bolstered by the city’s home market growth. The area’s current population of nearly 66,000 is expected to jump to 100,000 by 2025, according to data from the Forney Economic Development Corp.
Megatel expects to complete the first phase of Bellagio Lagoon homes by April and the lagoon by August. Ipour is confident those homes won’t be available for long.
The Texas homebuilder, founded in 2006, has developments and homes across four Texas metro areas. It reported record-breaking sales in January, with about $92 million in revenue that month.
Returns and sales velocity on lagoons surpassed any other development considered by Megatel, Ipour said.
“Due to the previous success of our lagoon communities, we expect the first phase of the Bellagio community to be sold out prior to January 2022,” Ipour said. “To date, more than 60% of the community has been sold.”
As is the case with other homebuilders and related companies in the area, Megatel is working within the constraints of a nationwide supply chain and labor shortage, something Ipour acknowledged in the company’s announcement. He said Megatel is seeking to hire more workers.
The company is offering real-estate agents who promote the lagoon communities special incentives, including access to the lagoon amenities they’ll be promoting.
