While homebuilders have pulled back operations in North Texas, Dallas-based Hanover Property Company has laid out plans to bring about 1,570 homes to a southern Dallas suburb in the next decade.
M3 Ranch in Mansfield is a master-planned community spanning 750 acres and will take five-to-seven years to fully build out, the Dallas Morning News reports. Meanwhile, homebuilding giants, such as D.R. Horton, have been freezing new land acquisitions for developments that would be completed within this timeframe.
The plans are part of the second phase of M3 Ranch, which Hanover developed alongside M.R. Development. The latter is the development arm of the McCaslin family, longtime property owners in the Mansfield area. The first phase, which comprises 402 single-family lots, is partially completed.
M3 Ranch was touted as an affordable alternative to other luxury communities in DFW, with homes expected to start in the mid-$300,000s, when the project launched in 2019. One pandemic later, and North Texas home prices have skyrocketed. Homes in M3 Ranch are now selling from the $400,000s through about $1 million, according to Dick LeBlanc, Hanover Property president.
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Where Hanover is still seeking some approvals from the Mansfield Planning and Zoning Commission, site work along Heritage Parkway is in full swing. Wasting no time, Hanover appears to have its ‘magic bullet’ in Mansfield’s “small town vibes.”
The town of about 74,000 also has “the amenities of a larger town,” with commuter access to Dallas and Fort Worth.
Portions of the property have been sold to the Mansfield Independent School District for the construction of future high, middle, intermediate and elementary schools, Hanover exec Ben Luedtke told the publication.
Hanover’s not the only developer interested in Mansfield. A New York-based manufacturer of windows and doors was approved for a local tax break last month to build a $137 million regional headquarters in the town. In September, a mystery developer filed plans to build a $50 million multifamily project that was meant to break ground in October. Mansfield is projected to exceed 100,000 residents over the next decade. Over 1,000 multifamily units are reportedly under construction in the South Arlington/Mansfield submarket.
— Maddy Sperling