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Real Estate Montserrat planning new phase

Montserrat planning new phase

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Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

Montserrat

http://spiritofmontserrat.com

Robert Francis

rfrancis@bizpress.net

One of the more successful home developments in the past 20 years in Fort Worth has to be Montserrat on the west side of the city.

Developed by the Siratt family’s Montserrat Properties LLC and located off Team Ranch Road and Interstate 820, Montserrat has 210 lots on about 215 acres.

Development started in 2003 just as Fort Worth was starting its most recent growth spurt. The 210 homesites quickly sold out. Now, the same group is looking at adding 245 acres to the development to the west which has yet to be named.

“We plan to have the design finalized and begin the platting and annexation process with the City of Fort Worth soon,” said Colby Siratt. At that point, they will begin pre-selling lots.

The goal is to have the final plat approved by late summer, with roads and utilities installed by year end, with the first houses completed and occupied in late 2020, according to Siratt.

“Our intention is to develop the 245 acres into a neighborhood similar in size and quality to Montserrat,” the Siratt family said in a letter sent to current residents.

“Construction may occur in phases, but we expect the finished product to have approximately 170 lots,” according to the letter.

Colby and Donnie Siratt’s father, Donald Siratt, was a well-known Fort Worth area businessman who made his mark with Western Transfer and Delivery, a company that started in 1966 working with Xerox. Around 2002, his wife, Gloria, noticed the bluff area where Montserrat is now, and they began initially building a family home.

That then mushroomed into the larger Montserrat development.

Siratt said the family was approached about a year ago about a 205-acre property for sale south of Mary’s Creek. He said one visit quickly sold them on continuing the ideas first developed at Montserrat.

Montserrat, by the way, is translated literally as “jagged cliff,” which runs through the property.

The new property was very complimentary of Montserrat – a 150-foot bluff continues through the middle of the property, for instance – and there is also a box canyon, large trees, open pasture land, a 75-year-old pecan orchard and access to Mary’s Creek.

“The topography of this land provides the opportunity to do some large pasture lots or ranchettes,” said Donnie Siratt.

It also will allow for more extensive common areas with hiking, biking and possibly horseback riding trails. The Siratts completed purchase of the property in July.

While conducting the feasibility study of that property, the Siratts learned that the owners of the adjacent 40 acres were considering doing some development. The Siratts negotiated for that property and expect to close on it by the end of the year.

Siratt said he expects the homes to be priced from $750,000 and up, with the average prices between $1 million and $2 million, depending on the acreage.

The Montserrat Home Owners Association has endorsed the project. Siratt said they hope that by having a larger community in the area, it will give the homeowners some leverage with service providers.

The capital partner with Montserrat Properties on the project is Stabilis Real Estate Fund 2018-A, an investment fund run by Tom Karsten and Jeff Paladini, who are also owners of Karsten Advisors, a local wealth management firm.

ANA Consultants, the same firm Montserrat Properties worked with on Montserrat, will engineer the property.

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