Tuesday, April 22, 2014

Dallas developer to build $300M community in north Fort Worth

Hanover Property Co. purchased the land at the corner of Farm-to-Market 156 Blue Mound Road and State Highway 287 in Fort Worth to build 750 single-family homes.
A Dallas-based development group plans to build a $300 million master-planned community after buying a large tract of land in north Fort Worth.

Terms of the land deal were undisclosed.

Hanover Property Co. bought the land at the corner of Farm-to-Market 156 Blue Mound Road and State Highway 287 in Fort Worth to build 750 single-family homes. The group plans to break ground on the site in the next month.

The community, known as Berkshire, is intended to attract young families looking for high-quality homes in the Northwest Independent School District, said Ben Luedtke, Hanover Property's executive vice president.

The homes will be priced from the low $200,000s to the mid $300,000s, with the first homes being delivered in spring 2015. Hanover's homebuilder list includes Highland Homes, American Legend Homes, Ashton Homes and K. Hovnanian Homes.

Plans for the master-planned community include a resort-style amenity center with a clubhouse, swimming pool and splash pad. The plans also include a 5-acre pond, trail system, ball field and playground.
Mesa Design Group is the project's landscape architect. Jacobs Engineering is the project's engineer. Texas Capital Bank is financing the development.

The Berkshire community is planned to include 30 acres of commercial development and 17 acres of planned apartments in future phases of the project.