Summary

Lexington Park at Rice Field is a master-planned, transit-oriented development of luxury townhomes. The development site has been re-platted into 98 individual, fee-simple townhome lots and all site development and infrastructure construction was completed before closing. In addition to the 98 fee-simple townhomes, the property will feature a central park, visitor parking spaces, and smaller common-area green spaces. Influenced by the classic-style townhomes of Savannah, Georgia, the Rice Field homes are being designed with porches and stoops, a small-town-style-park and 10-foot-wide brick sidewalks. The development is a public/private partnership between Lexington Luxury Builders and the City of Plano, and as such, it enjoys the full political and financial support of the City of Plano. The townhomes will be built in phases subject to market conditions with the first phase totaling 14 lots.

Lexington at Rice Field is situated on a 6.325 acre site in Historic Downtown Plano on what was Plano’s first high school football stadium. Located in one of Dallas’ largest and wealthiest suburbs, Plano’s historic downtown is in the midst of a significant revitalization. The site is ideally located as part of an emerging transit-oriented development zone and is an integral part of Plano’s long term strategy to revitalize downtown Plano. The Property is located two blocks from a recently constructed Dallas Area Rapid Transit (DART) fixed light rail station. Downtown Dallas is approximately 15 miles to the south. Given the proximity to DART, prospective buyers of the townhomes will find the townhomes relatively more affordable due to FNMA’s Smart Commute lending program which allows for 41% of income versus 28% to be used in determining supportable debt levels.