CNO partners to bring Preston Harbor to Lake Texoma

The Choctaw Nation has been announced as a general partner in Preston Harbor, a master-planned community on Lake Texoma in Denison, Texas, just 30 minutes from the Choctaw Nation headquarters.

In January, Craig International announced that their partnership, Waterfall Development LP, has officially closed on the 3,114 acres the community will be built on. The project is estimated to have a $6 billion ad velorum, or property tax.

When completed, Preston Harbor is expected to have 7,500 homes, including luxury single-family, active adult, and multifamily homes, a resort hotel, retail, restaurants, and an upscale marina.

General partners for Preston Harbor also include David H. Craig, Dave Johnson and N9 Capital Partners. Miles Prestemon, Chief Operating Officer and President of the Development Division of Craig International, will be the Project Manager of Preston Harbor.

“The Choctaw Nation is thrilled to be part of this investment into the North Texas economy and to partner with world-class developers on this incredible project that will have a powerful impact on Southeastern Oklahoma, North Texas, the City of Denison, and Lake Texoma for years to come,” said Chief Gary Batton.

David H. Craig, Founder, Chairman, and CEO of Craig International, said, “Preston Harbor will transform Denison, opening the entire west side of the city to the 90,000-acre Lake Texoma. Not only do we have 9.5 miles of shore frontage on Lake Texoma, but there are also 27 internal lakes, with four lakes greater than 25 acres, as well as trees and topography, which will make Preston Harbor a stunning premier destination. We have been working diligently with the city to move this project forward and have a great partnership with Mayor Janet Gott, the City Council, and the City of Denison.”

The land was purchased from Preston Harbor LP and Preston Harbor Homeplace LP.

The size of the North Texas project makes it one of the largest land purchases in Grayson County, according to Craig.

The City of Denison couldn’t have been a part of this project without a long-term vision dating back 20 years or more.

“This development will reshape our entire region and provide a level of economic impact that very few cities will ever experience. Denison’s economic strength and competitiveness will be enhanced for decades to come. Preston Harbor will establish Denison as the leader in the Texoma region, providing quality housing options, more lake access, recreation, new retail, and job opportunities. It perfectly aligns with our vision of creating quality of life for those who choose Denison as their home,” said Denison Mayor Janet Gott.

Craig International also announced a $100 million Margaritaville Resort for Preston Harbor. Hospitality partner Horizon Capital Partners, founded by Dave Johnson, former CEO of Plano-based Aimbridge Hospitality and a general partner in the project, will develop the location.

“The Margaritaville brand is the best in the industry, and there is nothing like this in the Texoma area,” said Johnson. “We wanted a hotel partner with a reputation for delivering fun and laid-back luxury, which reflects the overall feel of Preston Harbor. They have been looking to get into North Texas for years, and it is quite the coup that we got to partner with them.”

Jim Wiseman, President of Development at Margaritaville, said, “We’re excited about our continued growth throughout the state of Texas and look forward to working with Craig International and the city of Denison to create a world-class destination with a Margaritaville vibe on Lake Texoma.”

It’s not just casinos that the Nation uses to ensure its economic growth.

The Choctaw Nation has worked to diversify its financial portfolio with Chili’s restaurants, the Choctaw Country Markets and Choctaw Travel Plazas, Choctaw Print and Choctaw Defense Manufacturing.

“We are actively engaged in promoting strategic diversification by endorsing a mix of commercial, residential and recreational developments. Our dedication to innovation and economic progress aligns with the vision of Preston Harbor as a thriving and diverse hub,” said Batton.

The Nation’s approach to economic diversification involves fostering a range of activities to sustain long-term growth and prosperity.

By making this strategic investment in Preston Harbor, the Nation continues to diversify its economic portfolio, helping to expand revenue streams and establish a more stable foundation for the Choctaw Nation’s economic advancement.

Preston Harbor is currently finalizing land planning and engineering. Groundbreaking is slated for late 2024.