What Is The Current Residential And Commercial Development Like In DFW?

What Is The Current Residential And Commercial Development Like In DFW?

We are almost through 2022, and the Dallas-Fort Worth area (DFW) is still a gold mine for residential and commercial development! And it doesn’t look like it’s slowing or stopping anytime soon. While the DFW area has undoubtedly seen a more significant population growth over the past few years, there’s still plenty of room for more. 

Whether you are a real estate investor or relocating to the DFW metro, it’s easy to see why the Dallas and Fort Worth cities and surrounding suburbs are in high demand. DFW has something for everyone, from the big-city entertainment, warmer climate, thriving economy, and job opportunities. 

DFW’s Real Estate Market

Dallas, in particular, is ranked by the National Association of Realtors (NAR) as one of the top ten post-pandemic real estate markets. The real estate prices in Dallas are still surprisingly affordable, and the job market is still one of the top in the nation. While many other parts of the country are still struggling to recover in the job market and economy, Dallas is still a job hub. With the low cost of living and lower tax regulations, more companies continue to relocate their offices and warehouses to DFW. More offices and warehouses mean more people relocating and more need for housing.  

Forbes magazine ranked Dallas as one of the top cities for businesses and careers in the United States. It’s also been ranked one of the top cities to retire. DFW’s excellent schools and universities and reasonably low crime rates make it a great location to raise families. In fact, the most recent Google Trends data shows the number of people searching for homes in Dallas has never been greater. Equally high is the number of people searching for the best places to live in Texas.

The bottom line is there is still endless opportunity in DFW, regardless of the growing population. The DFW area will continue to be one of the hottest places for real estate investors and developers alike. 

Master-Planned Communities

If you are relocating to DFW, a master-planned community may be the most intriguing of communities to invest in. Master-planned communities (MPCs) are large, custom-built residential communities. They are usually built by a single developer and include recreational amenities for their residents, such as swimming pools, ponds, golf and tennis, walking trails, and much more. Many of them also feature commercial and retail properties, such as stores and restaurants. MPCs are increasing in popularity in DFW for those who want big-city life but still live a little further out into the suburbs. New Home Source named these five MPCs as their top five:

Residential Developments On The Rise

The developers in residential communities are busy making room for more homes! The following housing developments are currently in their early stages and will continue to expand in the coming years:

  • Elevon, Lavon - This housing development will bring in more than 4,500 single-family homes to the city of Lavon in Collin County. When it’s completed, it will be designed to hold approximately 4,700 single-family homes, 1,000 multifamily residences, an 80-acre business park, and more than 100 acres of mixed-use construction. 
  • Cartwright Ranch, Crandall - Centurion American Development Group is developing Cartwright Ranch on more than 1,300 acres along Interstate 20 in the city of Crandall in Kaufman County. Approximately 4,000 homes are planned for this site near Terrell. Industrial and retail are also planned for this location.
  • Painted Tree, McKinney - This residential community under development will include about 3,400 residential homes ranging from detached townhomes and cottages to larger single-family homes and custom homes. Painted Tree is one of the largest residential developments currently under development in North Texas. Several home builders are working with Painted Tree to provide beautiful homes in this development: Trophy Signature Homes, Normandy Homes, CB Jeni Homes, Tri Pointe Homes, David Weekley Homes, Highland Homes, and Drees Custom Homes. Painted Tree will feature amenities such as 25 miles of looped paths and trails, a 20-acre lake, an 11.5-acre signature trailhead, community gathering space, pools, parks, and much more. 
  • Hunter Ranch, Denton - Hillwood Communities has plans for a 3,200-acre Hunter Ranch development on Interstate 35W in Denton. This development is master-planned for more than 6,000 houses. The city of Denton has zoned Hunter Ranch and the adjoining Cole Ranch to bring a combined 19,350 new homes to Denton. Tougher, this development could include 12,900 single-family homes and 6,450 multi-family homes. Four million square feet of commercial construction and one million square feet of retail are also planned.   
  • Prairie Ridge, Midlothian - The Prairie Ridge residential community currently under development in Midlothian will add 4,600 new homes. This is a 1,500-acre master-planned community off of US Highway 287. The amenities featured will include swimming pools, walking trails, and a fishing pond.
  • Pecan Square, Northlake - Pecan Square is a master-planned community in Northlake. It ranked one of DFW’s four out of the fifty top-selling MPCs on an RCLCO Real Estate Advisors report. Thanks to its Town Square look and feel and its on-site coworking space, it continues to draw buyers. This MPC will consist of approximately 3,000 homes on 1,157 acres. Builders include Ashton Woods, CalAtlantic Homes, DR Horton, David Weekley Homes, Highland Homes, Perry Homes, Plantation Homes, and Pulte Homes.
  • Silo Mills, Godley - Silo Mills is an 840-acre master-planned community in Johnson County. The plan is for 2,500 home sites built by Antares Homes and Bloomfield Homes. It will feature resort-style swimming pools and entertainment complexes, parks, playgrounds, trails, water features, and preserved green space.  
  • Green Meadows, Celina - Green Meadows will have more than 4,000 homesites on 1,400 acres. This master-planned community will feature a 10,000-square-foot clubhouse with party rooms, a full kitchen, a workout facility, pools with water slides and splash pads, and a playground. The home builders include Castlerock Communities, Gehan Homes, Pacesetter Homes, and Stonehollow Homes.   
  • Legacy Hills, Celina - The Legacy Hills community will include 7,000 single-family homes on 3,200 acres. There are also plans for 4,100 apartment units, 100 acres of commercial space, a 27-acre sports park, amenity centers, walking trails, and a golf course. Builders include Ashton Woods, Beazer Homes, DR Horton, First Texas Homes, Lennar Homes, M/I Homes, and Mattamy Homes
  • Mosaic, Celina - The Mosaic master-planned community will feature approximately 3,000 high-end homes. It will feature a nature-inspired lifestyle theme to encourage residents to connect with the world around them. 
  • Rolling V Ranch, Rhome - The Rolling V Ranch residential development located northwest of Fort Worth will feature 12,500 homes on more than 3,400 acres. It will also include over 300 acres of commercial property. 
  • Monterra, Fate - Monterra is a 231-acre master-planned community in Fate, one of the fastest-growing cities in both Rockwall County and the entire state. The project will include 650 lots. The builders include K. Hovnanian Homes, Grand Homes, Highland Homes, and David Weekley Homes.

Commercial And Mixed-Use Development

Mixed-use development projects usually have more than one purpose with a shared building or development area. They can include any combination of housing, retail, offices, recreational, commercial, and industrial purposes. The DFW area is known for taking on very large construction projects. Many of the mixed-use projects we know of now have been in the works for decades. This Dallas Innovates article discusses what it takes to plan and construct these massive projects.

Regarding commercial real estate, DFW is expected to come out ahead in the post-pandemic rebound. One of the projects in the works is the Knox Street neighborhood project that’s expected to add office, hotel, and residential spaces. While over at Southern Gateway Park, a project is underway for 5-acres of wooded slopes, water features, a retail complex, and a playground.  

In Allen, a new mixed-use project called Chelsea 121 will feature residential, industrial, and office construction. Stillwater Capital is planning the 84-acre project on SH 121 and Chelsea Boulevard. The zoning commission approved plans for almost 60 acres of warehouses and about 200,000 square feet of offices, retail space, and townhomes. 

Allen is suddenly booming with projects in the works. Dallas-based Billingsley Co. closed on 230 acres and sold the land to Howard Hughes Corp. They plan to build Monarch City, a massive mixed-use project at this site.

Allen-based developer JaRyCo has partnered with the Johnson family to develop the 135-acre project called The Farm In Allen. It will include offices, retail, restaurants, townhomes, a public park, and a 150-room hotel. The plan consists of 2,400 urban residential units, outdoor amenities such as a 2.5-acre lake, and two miles of hiking and biking trails. The project is expected to take approximately 15 years to complete. 

The Bottom Line

With so many residential and mixed-use development projects in the works, the DFW area is not slowing down anytime soon. DFW is still ripe with opportunities for real estate investors, home builders, developers, and anyone in the industry. 

Contact us today if you would like more information on any of the many real estate opportunities in the DFW area. 
Image:  Windsong Ranch courtesy of New Home Source

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