For many years, Denison officials have looked to the northwest for what could become the next major development in the city’s history. That new development took a step closer to reality Friday when developers officially broke ground on the new Preston Harbor development along the shores of Lake Texoma.

Representatives with Craig International, Centurion American and the city of Denison gathered Friday for a groundbreaking ceremony to commemorate the work on what could lead to $6 billion of investment in Denison.

Here are five things to know about the project.

1. The origins of Preston Harbor

While the current iteration of Preston Harbor features a mixed development with residential and resort uses, the original plan for it focused more heavily on the recreation and leisure side.

Developer George Schuler began collecting parcels of land along the shores of Lake Texoma some time around the year 2000 with plans to develop more than 3,100 acres into resorts and other lakeside amenities.

While city officials described the project as a long-term development goal, the project remained quiet for many years. The property was eventually put up for sale in late 2022 when Schuler’s health began to decline. Ultimately, he was unable to see the project see fruition as he died in April 2023 after about six months of hospitalization.

2. David Craig continues Schuler’s legacy

The project gained steam in 2023 when McKinney-based developer David Craig purchased the property with plans to continue the development of Preston Harbor. For more than 40 years, Craig and Schuler were friends and Craig said he viewed the project as more of Schuler’s legacy than his own.

“George was a dear, dear friend for 40 years and a man of integrity,” he said in 2023. “He had a vision, and in my mind, this is his legacy.”

In May 2023, the city council approved a new development agreement for the project under Waterfall Development Partners. With this, the project appeared to be progressing toward construction faster than initially anticipated years before.

“Sometimes, things appear to happen very, very quickly,” then Denison Mayor Janet Gott said. “That probably on the outside is what people will think about the presentation we will have tonight, but in fact, what is taking place has been 20 years in the making.”

3. Margaritaville resort is coming to Texoma

The project continued to gain steam early in 2024 with the announcement that Craig International had started a partnership for the development of a $100 million Margaritaville resort.

“The Margaritaville brand is the best in the industry and there is nothing like this in the Texoma area,” Horizon Capital Partners founder Dave Johnson said in 2024. “We wanted a hotel partner with a reputation for delivering fun and laid-back luxury, which reflects the overall feel of Preston Harbor.”

As of July, the project is in the design phase of development.

4. Centurion American

In July, Framers Branch-based developer Centurion American announced it had purchased 550 acres of land within Preston Harbor for development of one of the first residential portions of the project.

Centurion’s portion of the project will include more than 1,200 single-family homes. The first lots from Centurion American are expected to be available some time by the end of 2026.

5. Denison is planning for infrastructure needs

With new lots expected to be available next year, the city of Denison is planning how to meet the infrastructure and services needs of these new residents. Among the projects underway is the design of a Fire Station No. 4, which will serve Preston Harbor and other development to the northwest of Denison.

The city council recently accepted the Staffing for Adequate Fire and Emergency Response grant from FEMA, also known as the SAFER grant. This will help with the hiring of about 21 new firefighters that will eventually serve as the crew for the new station once it goes online.