DENISON, Texas (KTEN) — A huge master-planned development that could eventually double the population of Denison is one step closer to reality.

Craig International, based in McKinney, Texas, on Friday announced its partnership has closed the deal to acquire more than 3,100 acres of property on Lake Texoma for the Preston Harbor community.

"This project has a $6 billion overall value at buildout, so there will be lots of employment, there will be offices as well, retail and residential of all types," said David Craig, general partner of the Preston Harbor project.

The company said plans for the site include 7,500 homes, a Margaritaville resort hotel, retail stores, restaurants, and a marina.

Map shows location of the Preston Harbor development in Denison.

"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," said Mayor Janet Gott in a statement. "It perfectly aligns with our vision of creating quality of life for those who choose Denison as their home.”  

The Choctaw Nation is among the partners in the Preston Harbor project.

"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," Chief Gary Batton said in a written statement.

Plans to develop the site have been in place for for more than 11 years. Groundbreaking is planned for later this year, with a five to 10-year construction timeline.

An artist's rendering of the Preston Harbor project in Denison.