38 F
Fort Worth
Monday, November 30, 2020
Real Estate $3.5B, 3,400 acre residential development set for Wise County

$3.5B, 3,400 acre residential development set for Wise County

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

A North Texas private real estate investment and development firm is building a $3.5 billion residential development in Wise County, about 24 miles northwest of Fort Worth.

Dallas-based PMB Capital Investments purchased more than 3,400 acres of land near the intersection of Highway 114 and Highway 287 for its planned development, the company announced Thursday.

PMB said the large-scale development will have more than 10,000 homes, which would make it one of the largest master-planned residential community in North Texas.

The houses in the project will range from the $200,000s to over $500,000.

The development in the Rolling V Land property is located directly in between the cities of Rhome and Newark and less than 15 miles away from the expanding AllianceTexas development.

“This purchase is an investment in a well-established corridor for residential construction and will provide attainable housing options for people working at Alliance Airport, downtown Fort Worth and the surrounding areas. More so, this is a long-term bet on the demand for reasonably priced single-family homes in DFW,” PMB Capital Partner Peter Pincoffs said in a statement.

The development will feature more than three miles of frontage along Highway 287. The project will also allocate “significant” commercial space, the company said.

PMB’s plan includes more than 800 acres of open space and an extensive trail system developed around existing lakes, seasonal creeks and natural springs.

Construction on the first phase of the project is scheduled to begin in 2020.

Earlier this year, PMB announced a $250-million, 119-acres mixed-used development in Sachse. In total, the company is currently developing seven communities across the Dallas-Fort Worth metroplex.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Jacobs Engineering: Fiscal 4Q Earnings Snapshot

DALLAS (AP) _ Jacobs Engineering Group Inc. (J) on Tuesday reported fiscal fourth-quarter net income of $82 million.On a per-share basis, the Dallas-based company...

Arlington firm designing new hotel in Las Colinas

Arlington-based Type Six Design & Development has announced the firm has received zoning approval from the City of Irving for a new six-story Hotel...

Virus playing part in booming ranch sales in US West

BILLINGS, Mont. (AP) — The coronavirus is one of the likely factors fueling a boom in large ranch sales in the U.S. West, real...

Wood Partners plans 322-unit apartment in Grand Prairie

Wood Partners has recently closed on a new property on S. Forum Drive in Grand Prairie in the Highway 161 corridor. Once complete, the new community...

Existing home sales up 4.3% in October, fifth monthly gain

By KEN SWEET AP Business Writer Sales of existing homes rose for a fifth straight month in October, reaching a level not seen since before...