A top dog among Texas developers planted a stake in Denton County with plans to turn North Texas acreage into a high-end master planned community.
Hines has secured the first 90 acres for a community called Furst Ranch, in partnership with Trez Capital and the Furst family, the Dallas Business Journal reported. They are planning 1,300 single-family homes priced between $800,000 and over $2.5 million.
The land sale was brokered by Michael Cotten, King Laughlin and the late John Bean. The sellers weren’t identified.
The development, at U.S. Highway 377 and Cross Timbers Road near Flower Mound, Bartonville and Argyle, will eventually span over 1,000 acres and cost $1 billion.
Most of the home lots — 1,100 of them — will span 4,000 square feet. Another 200 lots will span between a half acre and 1 acre, and 74 lots will span 1 to 2 acres.
Coventry Homes, David Weekley Homes, Drees Homes, Highland Homes, Partners in Building, Shaddock Homes and Tradition Homes have signed onto the project.
Senior living is also planned, along with retail.
Houston-based Hines, a global real estate investment firm, often partners with Canada-based Trez Capital, and they have several Texas master-planned communities in the works.
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Their 700-acre Northspur community in Terrell, about 30 miles east of Dallas, will have about 1,500 single-family homes at full build, plus a community pool, an amenity center, ponds and playgrounds. Construction started in May, and M/I Homes is building the first 200 houses.
Elsewhere in Texas, they started developing one of their biggest communities, Brookewater, about two years ago in Rosenberg, 35 miles southwest of Houston. That 850 acre community will have 2,400 single-family homes at full build.
Their 1,400-acre development Mirador in Del Valle, 18 miles from downtown Austin, will have 2,500 single-family lots, 50 acres of multifamily and townhomes and 75 acres for commercial development.
— Andrew Terrell