New Residential Community Southwest of Dallas Will Have Thousands of Homes
A huge new development southwest of Dallas will bring more than 2,000 homes. Hanover Property Co. has purchased 966 acres on U.S. Highway 287 in Midlothian for the mixed-use project. The planned $950 million development will include single-family homes, townhouses and commercial and industrial construction. The first neighborhoods should be ready by early 2022.
“We’ve been jointly working with the city of Midlothian for the last year on the planning of this development,” Ben Luedtke, executive vice president of Hanover Property, said in a statement. “The city is a great partner, and the result is the first true master-planned community of this size in Midlothian. “There is substantial tree coverage, gentle rolling hills and a 50-acre lake,” he said. “We will thoughtfully enhance the natural beauty that is already in place.”
Homes in the new development will start at more than $300,000, with 350 houses in the first phase.
JLL Capital Markets managing directors Michael Swaldi and Larry McCorkle and director Nick Hayden marketed the property on behalf of the seller. Hanover Property bought the sprawling development site from ECOM Real Estate in a deal negotiated by JLL’s Paul Whitman, Michael Swaldi, Larry McCorkle and Nick Hayden. Mesa Landscape Architecture and LJA Engineering are planning the project.
The Midlothian development is one of several community projects Hanover is developing in North Texas. Other Hanover communities include Somerset and M3 Ranch in Mansfield and Wellington in North Fort Worth.
With high land prices north of Dallas, homebuilders and developers have been moving south of the D-FW area into Ellis County.
“Midlothian has been one of the most dynamic growth areas of the southern D-FW new home market, with 511 housing starts last year,” said Ted Wilson, principal at Dallas-based Residential Strategies. “As land and development costs have risen, it has become increasingly challenging for developers to produce lots that can translate into the $275,000 to $400,000 home price [range] — the historical sweet spot for Midlothian new home construction.”
Wilson said Hanover has a track record of providing more affordable residential communities...
