A massive new development is in the works for Fort Worth.
The Veale Ranch development is set to bring about 5,000 new homes and 1,000 acres of commercial real estate to the growing city over the next 15 years, local publication Fort Worth Report shared.
The project will extend across parts of Tarrant and Parker Counties and will serve both the Fort Worth and Aledo school districts.
The namesake ranch where the new development will be located was in the Veale family since 1935, and when it went on the market in 2017, it was listed for a reported $95 million, though the final sale price was not disclosed.
PMB Capital investments bought the property last year. They also manage the adjacent Ventana development and its 1,800 homes, stated the Fort Worth Report.
Peter Pincoffs is the “P” in PMB Capital Investments. Nearly 10 years ago, he, Taylor Baird, and Matt Mildren established their own property development company. They recently acquired the Veale Ranch property, Pincoffs told WFAA.
“We started PMB in 2013,” Pincoffs said. “When the opportunity came to buy it, we had a six or seven-year relationship with the family that owned it.”
Homes in Ventana sell for anywhere between $400,000 to over $800,000, Baird told Fort Worth Report.
The Veale Ranch homes will probably start around $350,000, but added features, lot size, and other factors could cause home prices to top at $1 million.
“That’s if today’s prices hold,” Baird said. “We’ve had significant price appreciation and inflation recently. I would expect a pretty broad range of home prices and product types that appeal to a lot of demographics.”
The plans also call for retail and park space.
Pincoffs hopes PMB’s new endeavor will stimulate additional employment and attract outside firms to Fort Worth.