Hillwood Communities has unveiled plans for Lantern, a $1.2 billion master-planned development in Denton County, signaling continued confidence in the outward expansion of the Dallas-Fort Worth real estate market.

Spanning over 600 acres near Pilot Point between FM 1385 and surrounding timberlands, the community represents Hillwood’s sixth master-planned project in Denton County.

Project Details and Amenities

Currently in the predevelopment phase, Lantern is slated to bring approximately 2,000 single-family homes to the region, with price tags estimated between the high $300,000s and $700,000.

Beyond residential housing, the 600-acre master plan includes:

• Dedicated retail space
• Community parks and connected regional trail systems
• Multifamily housing options
• A designated property site for a future Pilot Point ISD elementary school

The natural landscape plays a central role in the development’s design. Large stands of hardwood floodplains will serve as a scenic backdrop for the property’s walking trails and open spaces.

Land Acquisition and History

Hillwood acquired the property from the McCutchin family, a well-known North Texas family with long-standing business ties to the energy and ranching sectors. Ben McCutchin, executive vice president at real estate firm Younger Partners, represented his family in the deal.

The transaction marks a continuation of a decades-long business relationship. In the late 1980s, Hillwood bought land from the McCutchins to establish Landmark, a 3,200-acre development in Denton. Family representative Alex McCutchin noted that Hillwood’s transparency and past track record were key factors in moving forward with the sale.

Strategic Push Northward Beyond U.S. 380

Lantern joins a portfolio of local Hillwood developments, including Treeline in Justin and Ramble in Celina. Company executives view Pilot Point as the logical next frontier for homebuilders as housing affordability pushes buyers further from the urban core.

Brian Carlock, executive vice president of acquisitions for Hillwood Communities, noted that rapidly rising home prices in Frisco and Celina, paired with dense build-outs along the U.S. Route 380 corridor, are driving demand farther north.

Market Timing and Long-Term Outlook

While predevelopment is underway, Hillwood is taking a patient approach to groundbreaking. Data from Residential Strategies Inc. shows that submarkets like Celina and Pilot Point currently face a temporary oversupply of residential lots.

Carlock emphasized that the company will monitor inventory levels and wait for surrounding lot supplies to balance out before starting major construction.

Despite short-term market adjustments, Hillwood leadership remains focused on long-term demographic trends.

“Our strategy has never been about chasing the next market cycle,” said Fred Balda, president of Hillwood Communities. “It’s about investing ahead of growth, building strong partnerships, and creating communities that stand the test of time.”