A developer’s two-decade affair with the rural lands of Mountain Creek has finally come to a close.
Longtime Mountain Creek landowner Courtland Group has sold off its last 460 acres in the area in one of the biggest Dallas land buys in recent years, the Dallas Morning News reports.
The massive stretch of green, open space on the corner of Interstate 20 and Spur 408 is hard to miss. It’s the last piece of undeveloped land in the expansive Mountain Creek development.
The lion’s share of the tract, 430 acres, was sold to Village West Dallas Development LLC, which is managed by Austin-based Houston Capital Management. It’s reportedly too early to say exactly how the large tract will be developed, founder Blake Houston told the DMN.
The remaining 30 acres were picked up by Cleveland-based apartment builder NRP Group. Unlike Houston Capital, however, NRP has already broken ground on the first-phase of a rental community, says John Napper of Courtland Group.
Mountain Creek was originally planned back in the ’80s as a 2,500-acre mixed-use development. However, before the developer could build one of 25,000 planned homes and commercial buildings, the lenders that provided more than $125 million in loans on the property foreclosed in 1989.
The property was then split into different ownership, and Courtland made its first land acquisition in 2000. The firm has been developing in Mountain Creek ever since. One of the firm’s biggest feats is the 155,000-square-foot Mountain Creek Business Park. The two-building distribution complex was built between 2017 and 2018 in partnership with Trez Capital Texas.
“That will be all of it,” Napper told DMN. “We have bought, sold and developed 1,138 acres in Mountain Creek.”
Napper says he still has a 3-acre site, but it’s currently under contract for a hotel.
“The business park generates $350 million a year in tax base and employs 4,000-plus,” he said, adding that the City of Dallas originally invested $15 million in infrastructure for Courtland’s project.
“It’s great to see investment dollars go south, as it’s our city’s biggest opportunity to grow,” said Scott Lake with Davidson & Bogel Real Estate, who handled the sale.
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