The group bought about 268 acres of land for an undisclosed sum, and is currently in discussions with potential builders for the project.
In June, Walton Group purchased 1,775 acres in Fort Worth from the Texas General Land Office in Tarrant County for a massive development project off Chisholm Trail Parkway, a $1.4 billion, 27-mile roadway that has opened land surrounding the thoroughfare for development. The two land purchases are in close proximity and development resources will be shared between the two projects.
"With the newly opened parkway and easy access to downtown Fort Worth, Chisholm Trail Ranch has the potential to become a vibrant master-planned community and Walton's first development project in Texas," said John Vick, a regional president for the group's firm, in a written statement.
Vick said the community, called Chisholm Trail Ranch, would add to the economic vitality of the Chisholm Trail Parkway corridor. Stratford Land and Legacy Capital helped Walton Group acquire the tract.
The group is working with Crowley ISD on a planned elementary school site in the first phase of the community's development.
Walton plans to begin delivering home lots by the end of 2015.