Thursday, August 18, 2016

Perot family's Circle T Ranch north of Fort Worth to be 130-acre mixed-use project

Hillwood and Howard Hughes Corp. are building the Northeast Tarrant County project,

Developer Hillwood will team up to turn part of the Perot family's Circle T Ranch north of Fort Worth into a 130-acre mixed-use development.
Hillwood said Wednesday that it will build the $1 billion Westlake project in partnership with Howard Hughes Corp., which owns a section of the land.
The proposed development on State Highway 114 will include a new 500,000-square-foot office campus for Charles Schwab Corp.
"Schwab caused us to really change the plans for the property," said Mike Berry, president of Hillwood Properties. "They need support development adjacent to their office campus.
"Our plan is to initiate the development in timing with their office uses," Berry said. "We are focused on adding some retail space, day care and fitness space and a possible hotel. "
Berry said the Schwab offices will face a small lake on the ranch.
Hillwood is building the Circle T project as part of its huge AllianceTexas development in north Tarrant County.
"Developing this mixed-use project at the Circle T Ranch represents a watershed moment in the 27-year history of AllianceTexas," Berry said. "Circle T Ranch offers some of the most beautiful land in North Texas, which makes it a prime destination for companies wishing to establish a presence in this region."
The Circle T mixed-use campus will be one of the largest projects Hillwood has done in North Texas.
"This is the first one that has been driven by a major corporate office user with a mixed-use development immediately around it," Berry said.
Plans for the whole project include 1.2 million square feet of office space along with adjoining retail and entertainment buildings. There will also be a 200-room hotel and residential communities.
Development plans also includes land for parks, open space and nature trails.
Plans released by Hillwood show more than a dozen office buildings and three large residential blocks. Retail buildings are along Highway 114. 
Architect Gensler designed the plans for the mixed-use campus.
Hillwood said development will start immediately.
"We are going to rework the entire lake," Berry said. "We will have to drain and dredge it.
"We are designing the roads and utilities," he said. "We are talking to initial retail users for this space."
Schwab plans to break ground on the first of its office buildings next summer.
The California-based financial services firm plans to house 1,200 workers in the regional office campus.
But the company has the option to more than double the size of its Westlake facility over time.
Hillwood and its owners, the Perot family, acquired the Circle T Ranch in 1993. Parts of the 2,500-acre property have been used to build office campuses for Fidelity Investments and Deloitte.
The front door of the spread along State Highway 114 at State Highway 170 has been held in reserve.
More than a decade ago there were proposals to build a regional shopping mall on part of the tract. Howard Hughes Corp. inherited that portion of the property from mall developer General Growth.

Written by Steve Brown/Dallas Morning News