New North Texas communities along the way will bring places for thousands of homes

The new owners of the historic Veale Ranch west of Fort Worth expect its planned development to reach a total value of $ 5 billion. Dallas-based PMB Capital Investments has just bought the 3,800-acre cattle ranch, located about 11 miles west of downtown Fort Worth.

PMB Capital plans to add the property, which had belonged to the same family since the 1930s, to its growing list of North Texas residential developments.

“We’ve long felt that the West Fort Worth market would come to life,” said Taylor Baird of PMB Capital. “It has taken a while, but now the area is on the radar of all builders.”

PMB Capital’s Veale Ranch construction is just one of the growing residential developments that are taking place in North Texas. With the appetite of buyers for new homes in the Dallas-Fort Worth area at a historic time, land developers and home builders are struggling to find locations to build.

PMB Capital already has large communities up and running east of Dallas and northwest of Fort Worth in Wise County.

Next to the Veale ranch, the developer is building the success of the Ventana community, which plans to have 1,800 homes.

“We’ve been working at Ventana since 2014 and that was the first project we did as a company,” Baird said. “When we bought the land, it had no access to water, sewers or roads.

“But we were convinced it would succeed, as it is 12 minutes from downtown Fort Worth.”

Baird said builders talk about all the house sites in Ventana.

“This is an area underserved by new homes that meet market demand of between $ 300,000 and $ 500,000,” he said.

Veale Ranch’s buyer, PMB Capital Investments, is building the neighboring Ventana community west of Fort Worth.
Veale Ranch’s buyer, PMB Capital Investments, is building the neighboring Ventana community west of Fort Worth.(PMB Capital)

Successfully in Ventana, PMB Capital contacted the neighboring owners of the Veale ranch.

The ranch, located in Tarrant and Parker counties, was sold a few years ago for $ 95 million, but never changed.

“The family watched what we did next and saw the quality of what we were going to build,” Baird said. “It gave them the confidence that PMB would be the best manager of this asset.”

Unlike Ventana, Baird said, the development of Veale Ranch will have a major commercial building district on the north side of the property toward Interstate 20. Electric vehicle maker Rivian is looking at a potential assembly plant site in this area.

“For us, this Veale ranch will really be a commercial and mixed-use community,” Baird said. “Up to a third of the land could be commercial when we’re done, which would include retail, office and industrial.”

Previous studies indicated that the development of the Veale ranch could reach a population of 30,000 people. Baird said there will be up to a year of the planning and authorization process before construction begins.

Developers have almost doubled the number of plots of land they are building in the D-FW area.

By mid-year, the initial total number of annual homes was more than 57,000, up from about 30,000 in 2017, according to Dallas-based housing analyst Residential Strategies.

“We have a shortage of lots,” said Ted Wilson, director of Residential Strategies. “Just over two years ago, we started about 35,000 houses and had 69,000 plots of land on the ground.

“Since then it has risen to more than 57,000 homes and yet our supply of lots has been reduced to 64.0000 and 65,000,” he said. “In just three of the last eight quarters we have delivered more new lots than new homes.”

Developers with new community projects coming out of the field have no problem selling their home sites.

New York-based JEN Partners and Dallas Oxland Advisors plan to build about 3,400 homes in their Painted Tree development in McKinney. In early 2020, developers bought 1,100 acres for the project from Brinkmann Ranches.

The first sites are under construction north of U.S. Highway 380 on Lake Forest Drive.

“Demand is so crazy we are making 1,200 lots in our first phase,” said Tom Woliver, co-chair of Oxland Group. “This is probably the first major phase of one of these communities that I’ve done twice.”

Painted Tree has already sold works to Trophy Signature Homes, Normandy Homes, CB Jeni Homes, Tri Pointe Homes, David Weekley Homes, Highland Homes and Drees Custom Homes.

Community developers have also made deals with builders of rental homes and flats.

Roads, utilities and other infrastructure are now being built to support the new neighborhood.

Woliver said the first housing sites should be handed over to builders early next summer. The smaller homes planned for Painted Tree will likely be priced at just under $ 300,000, Woliver said.

“There’s a lot more demand from builders than we thought,” he said. “We are looking to make additional places for the home in the northern part of the property.”

The nearly 3,800-acre Veale Ranch is located about 11 miles west of downtown Fort Worth.
The nearly 3,800-acre Veale Ranch is located about 11 miles west of downtown Fort Worth.

Credit – https://www.dallasnews.com/business/real-estate/2021/09/03/new-north-texas-communities-on-the-way-will-bring-sites-for-thousands-of-homes/