Affordability and quality of schools are driving growth in Melissa.
MELISSA, Texas — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
Plano-based Taas Investments LLC has secured $29.5 million in construction financing for a new townhome community in Melissa, a growing suburb in Collin County.
The 17-acre project will feature 118 townhomes on Milrany Lane, near the Sam Rayburn Tollway.
Tauheed Siddiqui, Mefounder and CEO of Taas Investments said it was a three-year loan with a potential six-month extension. He declined to disclose the name of the lender.
Kyle McDonough, George Maravilla, David Stull and Noah Schott of Arizona-based Tower Capital arranged the financing, according to a Jan. 21 announcement.
The community will offer homes ranging from 1,650 to 1,700 square feet, each with three bedrooms, two and a half bathrooms and a two-car garage. Planned amenities include a swimming pool, pickleball courts, a fitness center and a clubhouse. Prospective buyers will have the option to either rent or purchase homes, with prices determined by market conditions at the time of opening.
Infrastructure construction for the project began in early 2024 and home construction is scheduled to start in February. The development is expected to be completed by the third quarter of 2027.
Siddiqui declined to share the total development cost.
“With high interest rates and the pricing so high, this is a great, affordable option [that will] really help a lot of families,” Siddiqui said.
Overall, Siddiqui was drawn to Melissa because of its relative affordability and convenient access to amenities in nearby cities like McKinney, Plano and Frisco.
Similar to many semi-rural areas in North Texas, Melissa has become a popular choice for those seeking a more affordable place to live while staying close to vibrant urban centers. The average home price in the city is $463,550, according to Zillow, or about $72,000 less than the average in McKinney and $208,000 less than the average in Frisco.
“People who are being priced out of the Tri-City area — Plano, McKinney and Frisco — are heading north because they can get more bang for the buck,” Siddiqui said. “Melissa, being so close to McKinney, is the next best location. I personally believe [Melissa] will be like Frisco in the next 10 years.”
Another key driver of Melissa’s growth is its high-quality schools. The Melissa Independent School District ranked as the 15th-best school district in the Dallas-Fort Worth metro, according to Niche. DFW is home to more than 100 school districts, according to local real estate agent David Bellinger.
Melissa is one of the “Sister Cities” in northern Collin County, which are growing extremely rapidly, sandwiched between the bigger, more established cities in the southern parts of the county and new semiconductor plants in Sherman.
Melissa, with a population of more than 23,000, added a Kroger grocery store last year while its first Walmart and H-E-B stores are under construction and slated to open later this year.
Since 2013, Taas Investments has been active in several North Texas communities, including Princeton, McKinney and Denton. Recently, the real estate firm completed the construction of 21 townhomes at 1001 Debby Court in Wylie. The company also developed 6,000 square feet of office space and carried out infrastructure work for 39 townhomes at the northeast corner of Sanden Boulevard and West Brown Street.
