Longtime Northeast Tarrant County-based residential developers Paul Spain and Bobby Harrell of Terra Land and Bret Pedigo of Dallas-based Manna Land have merged their companies to create Terra Manna LLC, a new residential development company that will allow them to broaden their development footprint in the Dallas/Fort Worth market.
“Terra needed a third partner that could help us find, analyze and secure more deals in the DFW area, after limiting ourselves to developing custom home communities in Southlake, Trophy Club, Colleyville and Westlake for the last 20 years,” said Bobby Harrell, Partner of Terra Manna. “Merging with Terra provides Bret with a larger platform to increase deal flow with less focus on his consulting services.”
Each company brings years of experience developing highly successful, master-planned and custom neighborhoods including developments as diverse as Devonshire, a master-planned community in Forney, Texas with homes starting in the mid $200s to luxury communities like Shady Oaks in Southlake and Terra Bella in Westlake with homes priced from the $900s to $3 million plus.
“Each company has different perspectives, strengths and experience in residential development but have the same business philosophy and company culture,” said Bret Pedigo, Partner of Terra Manna. “As civil engineers, Paul Spain and I focus on the land acquisition and entitlements and Bobby, a custom home builder for many years, brings the builder perspective and the financing expertise to work closely with investors to maintain successful, profitable communities.”
While Terra Land focused more on niche custom home communities with a stable of top custom builders or niche communities with a single semi- custom volume builder in recent years, the Manna team focused on larger, master-planned communities and bring a wealth of established volume builder relationships to the new company.
“By combining our companies we have expanded our expertise, builder relationships, staff, investor base and industry network that will allow us to broaden the size, scope and variety of residential communities we develop in the future,” said Paul Spain, Partner of Terra Manna.
After meeting in 2011, the two companies’ principals began sharing office space and eventually helped each other find and secure new land deals with area landowners. In 2013, new land acquisitions included property for communities in Southlake, Trophy Club and Colleyville. Through this process, Terra Land and Manna Land decided to merge because the association had invigorated both companies, and expanded their capabilities. In 2015, the partners set their sights on properties that would provide residential and commercial development in Haslet, Argyle and Keller while continuing to develop in Southlake, Colleyville and Westlake.
“It’s rare in business to find another company that so closely aligns with your business philosophy and family values. As developers, we are dedicated to being good neighbors to our cities and surrounding homeowners while creating well-planned, first-class communities in all price ranges. We are all excited about the potential for this new company,” Spain added.
Since forming The Terra Companies in 1984, Paul Spain and Bobby Harrell have developed, managed and marketed new home communities in Northeast Tarrant County, specializing in custom home communities in Southlake, Colleyville, Westlake, Trophy Club and Keller. Terra Land has developed thousands of lots in dozens of communities and has been the single most active developer in Southlake the last 15 years. Terra Land has earned a reputation for exceptional design and quality execution and was chosen to host the prestigious Kaleidoscope of Homes luxury home show in three different luxury communities.
Since 2009, when Manna Land was established, the company has provided consulting and advisory services to banks, hedge funds, and developers. Services included entitlement, disposition, and construction management for projects such as Windsong Ranch in Prosper, Inspiration near Lake Lavon, Village Parks in McKinney. As the local development partner for Wheelock Street Capital, Manna Land focused on the development of Canyon Falls in Denton County and Devonshire in Kaufman County.