Residential development continues to move in all directions of Dallas-Fort Worth, with a major homebuilder buying land in a largely undeveloped area about 25 minutes southwest of downtown Fort Worth.
LGI Homes purchased 240 acres in Cresson to build Brookside, a community of 850 homes with open space, according to the seller, an entity managed by Dallas developer Peter Malin.
The property is southwest of the intersection of U.S. 377 and Highway 171 on the south end of the new 3-mile Cresson bypass, which is expected to open to drivers in late 2023.
The site is just north of Granbury and south of Benbrook. Cresson is known as the home of Motorsport Ranch, a country club for car and motorcycle enthusiasts.
Malin’s firm owns another 180 acres surrounding the property, mostly frontage along U.S. 377. Commercial real estate agency Venture Land Group will market that property for commercial uses, such as shopping centers, gas stations, banks and restaurants.
Additionally, a winery is in the works on the south end of the property, Malin said.
Malin’s group, known as Land Fund Manager, owned the property for 17 years and set up a 425-acre municipal utility district including the LGI site and the commercial property to provide utility services.
Just north of the site, Weatherford developers Jim Martin and Ryan Voorhees bought about 800 acres in another municipal utility district with plans for single-family homes as well as multifamily and commercial property, Hood County News reported.
Malin said he worked with LGI on another community in Denton County along U.S. 380 and is now seeing residential developments quickly pop up in that area. He expects similar growth along U.S. 377.
“This is sort of the next frontier,” Malin said.