McKINNEY -- Craig Ranch in McKinney is designed to weave home, work and play into one master-planned community. At least that was the dream.
But last June, The Cooper Clinic, the gold standard in preventive medicine, closed.
Just four months later, the bank foreclosed on Times Square at Craig Ranch.
And in November, fifteen of the most expensive homes at the development went up for auction.
But on Friday came news that could put Craig Ranch back on track. K. Hovnanian Homes purchased 88 lots in the Villas at Craig Ranch.
“I believe it's the first entry into a master planned community in the Metroplex in over two years by a major builder," said Craig Ranch developer David Craig.
The homes target empty nesters and range in price between $350,000 and $500,000. Craig believes it's a sign that the economy and the sagging local real estate market may finally be turning around.
"It has to be that the market has turned, or you wouldn't see K. Hovnanian here," Craig said.
The McKinney developer has faced several setbacks at his sprawling community. "Of course we've had setbacks," Craig said. "Every master planned community in the country has. We've been blessed there's only been a few. But to have K. Hovnanian join our community, here's another brand name that stands for reliability and credibility.”
Craig believes the K. Hovnanian deal is the start, and that many major builders will follow by starting new construction projects.