The Walton Group of Companies has broken ground on Chisholm Trail Ranch, a master-planned community of residential and commercial properties in Fort Worth.
Walton, a privately held, multinational real estate investment and development group, announced the project earlier this year and broke ground on the development earlier this month.
The Arizona-based firm, with offices in Texas, touts the development as the first such project along the $1.4 billion Chisholm Trail Parkway, which opened in May 2014.
Construction financing is provided by Southwest Bank of Fort Worth.
Chisholm Trail Ranch, at Chisholm Trail Parkway and McPherson Boulevard, is part of the Crowley Independent School District and will be served by a new elementary school, which will be part of the first phase of the development. Chisholm Trail Ranch will include approximately 1,100 single-family homes.
“We’re excited to break ground in this landmark first project along Chisholm Trail Parkway and we look forward to creating a vibrant, master-planned community in this growth corridor,” said John Vick, regional president, Walton Development and Management, South, commenting in a news release.
“Residents of Chisholm Trail Ranch will have an onsite elementary school, and we’re proud to be working with the Crowley Independent School district in designing this new school,” Vick said.
Chisholm Trail Ranch will be part of a hike-and-bike trail system linking existing parks and school sites throughout the area. It also features the city of Fort Worth’s new 75-acre Chisholm Trail Park, anchored by the newly opened Chisholm Trail Community Center, all adjacent to existing and new development along McPherson Boulevard.
“The groundbreaking marks the beginning of an important new community at Chisholm Trail Ranch,” said District 6 Councilman Jungus Jordan.
“Having worked closely with Walton on this project, I believe it’s a strong step in the right direction toward spurring economic development and growth in this part of Fort Worth,” Jordan said.
Walton will oversee the horizontal infrastructure improvements serving Walton’s single-family residential parcels within the 600-acre Chisholm Trail Ranch master plan. The land was purchased from Stratford Land and the real estate investment firm Legacy Capital, who will be executing the commercial component of the project.