With a new US 377 bypass on the way, a small town outside of Fort Worth has caught the eyes of major developers.
While the completion of the Cresson bypass has been pushed back until late 2023, there are already three ambitious projects on the way to the surrounding area.
Most recently, LGI Homes closed on 240 acres from an entity managed by Dallas developer Peter Malin, according to the Dallas Morning News. The tract, which lies southwest of the intersection of U.S. 377 and Highway 171, will be the site of Brookside, a planned 850-home community.
Malin’s firm owns another 180 acres surrounding the property, mostly frontage along U.S. 377. Commercial real estate agency Venture Land Group was tapped by the firm to market the land for commercial projects such as shopping centers, gas stations, banks and restaurants.
“This is sort of the next frontier,” Malin told DMN.
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Developers Jim Martin and Ryan Voorhees bought a combined 800 acres from Granbury developer Ike Thomas back in December— both have plans for mixed-use projects.
In 2019, Thomas donated more than 23 acres of land behind the town’s only hotel for a multi-use park named after the town’s former longtime mayor, Bob Cornett. Funded through a grant by Texas Parks & Wildlife, the park is set for completion in September 2022.
Voorhees, who picked up 375 acres from Thomas, told The Hood County News that he’s planning about 1,200 residential units, along with “a little commercial and a little multi-family there.”
“I’ve always thought this location was excellent, and it’s kind of an under-served area,” the developer said of Cressen.
About 30 minutes southwest of downtown Fort Worth, Cressen is largely undeveloped. The biggest attraction in the region is the Motorsport Ranch, a country club for car and motorcycle enthusiasts. Mayor Teena Putteet Conway said she is “thrilled” about the developers’ plans. She noted that Cresson grew 160 percent between 2010 and 2020.
An associate of Martin’s told the HCN that details for his neighboring 475 acre project are still being worked out, but the developer will hopefully have an update in early 2023.
[DMN] — Maddy Sperling