Three questions with developer Mehrdad Moayedi
At the last DFW Income Property Owners & Brokers Network Breakfast Meeting (yes, that’s the official title), longtime developer Mehrdad Moayedi shared his thoughts on the North Texas real estate market.
In particular, he discussed the long-awaited Statler Hilton redevelopment, which is expected to cost a minimum of $175 million.
“There are few projects in town that you are really proud to be doing. This is a project my daughter will go by and look at 30 years down the road saying, ‘My dad did this,’ “ said the president of Carrollton-based Centurion American Development Group.
“That thing is going to be amazing if we can get it done right and I’m praying that we can,” he added.
Dallas-based Merriman Associates Architects is the project architect.
Moayedi, who went to a couple of concerts at the Statler Hilton in the mid-1990s, said, “It never came to my mind that I’d be working on this project later in life, but I’ve been blessed.”
How many single-family home lots do you plan to get underway this year?
We will probably get 4,000 lots done this year. We will either sell the lots we develop, or sell the land for lots to builders depending on how the deal is structured. We develop very few homes.
Why are you so interested in developing the east portion of the metroplex this year?
Prices up north have gotten to a point where you can’t have an affordable house anymore in Frisco, Plano, Prosper and Celina. You still have the segment of the market that needs to buy a house in the $150,000-$250,000 range and we need to deliver them. You also still get a good piece of land and infrastructure headed east on State Highway 80 toward Interstate 30 and the school districts are good. East has a lot of potential.