Map of The Belmont development, a master-planned community by Hillwood and Realty Capital Partners.
In the last two weeks, plans for two major master-planned communities were announced in north Texas and the northwest area of Dallas/Fort Worth. Dallas Cowboys owner Jerry Jones' land development company, Blue Star Land, has assembled almost 1,000 acres along the Dallas north tollway and it's future extension north of 380. Work is under way for a master planned community, much like it's previously designed Starwood subdivision in Frisco and it's StarCreek subdivision in Allen, Tx. Both Blue Star developments were wildly popular with Dallas home buyers and DFW home builders.
Further west, the 1,000-acre Realty Capital and Hillwood real estate project is being touted as a $1 billion mixed-use master-planned development. They plan to provide up to 3,500 homes in the northwest corner of FM 407 and Interstate 35W. Plans for this Argyle and Northlake area community also include over 100 acres of mixed-use development including retail, restaurants and office buildings. Hillwood and Realty Capital have named it Belmont. A $22 million sewer line is scheduled to be completed by April, which will allow developers and home builders to tap in to the highly acclaimed Argyle Independent School District. Belmont's first phase will include about 250 homes priced in the $200,000 to $400,000 range with lots ready for home builders by early 2013.
As the local housing market turns the corner, builders are looking for north Texas residential housing lots. Blue Star general manager Joe Hickman says, "there's been no lots developed, and we think there will be pent-up demand next year." With home purchases at historic lows the last few years, and steady migration and relocations into DFW area communities, there's a good chance he's right.
Troy Corman is the founder of t2 Real Estate LLC, a Dallas real estate firm providing specialized knowledge with a hands-on approach. Specialties include residential real estate brokerage, land and acreage, and commercial real estate services. Contact us today at 214.827.1200 if you need to sell, buy or get your DFW property leased.
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