Single-Family/Planned Community Deal of 2015
In what used to be a working cattle ranch, a $6-billion community will eventually bring 15,000 homes to an 11.4 square mile plot of land just west of Fort Worth.
7,200-acre master planned community, named “Walsh” after the F. Howard Walsh Family who had its ranching headquarters on the land for the past 70 years, will sit east of Interstate 20 and Interstate 30, just 10 minutes from Fort Worth.
Dallas-based community developer Republic Property Group competed and eventually beat out 40 other national developers for the property.
“We chose RPG because they share our vision to be innovative and with their combination of youth and experience they will be able to grow with this community,” said F. Howard Walsh III.
The first phase of construction will encompass 1,700 acres and 3,000 homes will be built in the next decade. The first homes began construction in 2015 and are scheduled to be completed by late 2016.
An overpass, Walsh Ranch Parkway, is also being built for access to the community.
“We will be focused on the heritage of the land,” Republic Property Group co-CEO Tony Ruggeri said. “In Walsh, the land is beautiful and we will honor and celebrate the city of Fort Worth and its heritage, which include the Walsh family’s philanthropic endeavors.
”As well as homes, Republic Property Group plans on dedicating millions of square feet to office space, retail, restaurant and medical facilities. Also, the property could feature a business park or a corporate campus on a particular 194-acre triangular piece of land.
But for now, Republic Property Group plans to focus on building residences.“The rooftops will drive all of the potential uses,” Republic Property Group co-CEO Jake Wagner said. “Our plan on the immediate future is to start the residential to drive that growth.”
- Key players: Jake Wagner and Tony Ruggeri, Republic Property Group; Walsh family; Landry Burdine and Austin Reilly, Land Advisors Organization
- Deal value: $6 billion upon completion of 7,200 acres
- Size: 1,700 acres (Phase I)
- Address: Intersection of I-30 and I-20 near Fort Worth
- Website: walshtx.com
FINALIST: Lexington Country
The Lexington Country project is the first parcel carved from the Brinkmann Ranch in Frisco for development. Once completed, the gated, master-planned luxury community will bring more than 500 homes to this part of North Texas is expected to be valued at about $700 million.
- Key players: Charlie Adams, Stratford Group LLC; John Landon, Landon Development; City of Frisco; Baxter Brinkmann
- Deal value: N/A
- Size: 324 acres
- Address: Frisco
The 125-acre, $140-million project had to overcome difficulties from the start: zoning issues with the Town of Flower Mound, an offsite water easement, and an old BNSF Railroad right-of-way title challenged the construction of the community. The open-space community will include native preservation trails and pocket parks.
- Key players: Steve Mundt, The Land Group; Rex Glendenning, REX Real Estate; Daniel DiFonzo and Pat DiFonzo, Zena Land Development; Texas Department of Transportation; BNSF Railway; Town of Flower Mound
- Deal value: $140 million
- Size: 125 acres
- Address: Flower Mound
Nature and responsible conservation define Wildridge, a 420-acre master-planned community of 1,194 single-family homes situated on Lake Lewisville. However, anticipated revenues from the entire project now amount to $90 million.
- Key players: Steve Yetts, Crescent Communities; Larry Taylor, Taylor-Duncan Interests, LLC; Larson Pettigo Architects; TBG Partners; K Hovnanian Homes; Highland Homes; MHI McGuyer Homebuilders
- Deal value: $750 million upon completion
- Size: 420 acres
- Address: 9704 Grouse Ridge Ln., Oak Point
Evan Hoopfer is the Dallas Business Journal’s digital reporter.
Dallas Business Journal, by Evan Hoopfer | April 26, 2016 | Original article here