Builders are readying hundreds of acres of land for the development of new homes and apartments in Southwest Dallas.
One of the largest land grabs in the Dallas region just occurred thanks to the sale of 460 acres at the Mountain Creek business park in Southwest Dallas.
Courtland Development LLC, the Mountain Creek development landowner, completed the 460-acre sale in two separate transactions.
Village West Dallas Development LLC purchased 430 acres, while the remaining 30 acres were acquired by Cleveland-based apartment builder NRP Group.
Mountain Creek was built in the 1980s and is located off Interstate 20 near Spur 408 in Southwest Dallas. Initial plans for Mountain Creek were to turn the property into a 2,500-acre mix-use development, which was meant to include 25,000 homes and commercial buildings.
However, lenders defaulted on $125 million worth of loans, causing the property to be foreclosed on in 1989. Now, more than four decades later, the site will be used for the development of hundreds of new apartments and houses.
Once construction is completed, the Mountain Creek business park will employ more than 4,000 workers and generate $350 million a year from taxes, according to Jon Napper of the Courtland Group.
Despite completion being years down the road, the Courtland Group has already broken ground on the property’s first phase of rental development, Napper said.
“We have bought, sold, and developed 1,138 acres in Mountain Creek,” Napper said, adding that the only bit that remains is a 3-acre site currently under hotel contract.
In addition, Napper noted that the City of Dallas contributed $15 million in taxpayer money to infrastructure for the project.
“This is one of the biggest land deals I can think of in the city of Dallas in the last several years,” said Scott Lake with Davidson & Bogel Real Estate. “It’s great to see investment dollars go south, as it’s our city’s biggest opportunity to grow.”