History :
The Colony, Texas shares history unique to this part of the state. Colony is named in honor of the Peters Colony, a major organized colonization effort in 19th-century central Texas. W.S. Peters and 19 associates, half of them English, signed four colonization agreements with the Republic of Texas between 1841 and 1843, taking the name Texan Emigration and Land Company. They agreed to bring in 800 colonists, giving each newly arrived family 640 acres of land and enough food to last one year. Each single man received 320 acres and food for one year. The company received ten sections of land (6,400 acres) for every 100 settlers it brought into Texas.

Office Branch, which is now called Office Creek, was the site of the land office for 26 counties in the north Texas area. The principal settlements in the Peters Colony were in present Grayson, Collin, Denton, Dallas and Tarrant counties. These were called "The Colony at the Cross Timbers." By June 1848, 635 colonists had been brought into the Peters Colony, and the contract was discontinued. The Colony of today began in 1973 as a Fox and Jacobs Inc. development near the intersection of State Highway 121 and FM 423, eight miles east of Lewisville. It is now an incorporated city with a population of approximately 36,500.