Argyle Approves RY Properties’ $160M Mixed-Use Project

A long dormant stretch of land in Argyle is finally headed for development, as a California landowner moves forward with a $160 million mixed-use project designed to capture the rapid growth pushing north of Fort Worth.

R.Y. Properties, led by Robert Yu, plans to develop 123 acres at the southwest corner of Robson Ranch Road and I-35 West with retail and a potential medical and wellness campus, according to an announcement from the town. The project advanced after Argyle officials signed off on an economic development agreement following months of rezoning discussions, the Dallas Business Journal reported.

Under the deal, R.Y. Properties will invest $25 million in site infrastructure, including roads, water, wastewater and drainage. In return, the developer will be eligible for a performance-based reimbursement of sales taxes capped at $20 million — a structure increasingly common for fast-growing North Texas suburbs eager to broaden their tax base without front-loading incentives, according to the outlet.

The tenant lineup is still coming together, but health care could anchor the project. Jim Wills, who manages the land for R.Y. Properties, told the outlet that there is a “very good possibility” that Baylor Scott & White Health will locate a campus on the site, a concept floated during earlier town meetings. Retail negotiations are also ongoing with a mix of local and national players.

The project won’t include an H-E-B, though not for lack of trying. Wills said discussions with the grocer fell through after H-E-B opted for a site across the street in Hillwood’s $10 billion Landmark development, though he added that losing the grocery store opens the door to a broader range of retailers.

Timing is key. Argyle and nearby communities are absorbing thousands of new homes, including Hillwood’s 4,000-home Harvest community. Within a 10-minute drive of the site live more than 61,000 residents with an average home value north of $730,000 and a median household income above $150,000, according to a Retail Strategies report cited by the town. The site also sits near Hillwood’s Alliance development, which has generated tens of thousands of jobs.

Infrastructure has been the missing link. Wills said the land lacked access to sanitary sewer for years, a hurdle recently cleared through coordination with Texas Department of Transportation and the Tarrant Regional Water District.

While the full R.Y. Properties land spans about 195 acres, only 123 acres were rezoned in this phase. Town Manager Mike Sims called it a phasing issue and said additional development is likely down the road.

Argyle estimates the project could generate roughly $127 million in sales tax revenue, supporting a broader push to rely less on property taxes — and cementing the town’s bid to evolve from bedroom community to regional destination.

— Eric Weilbacher