Texas-based home builder LGI Homes purchased 240 acres of land southwest of Fort Worth, anticipating state highway updates.
The land is located in the small city of Cresson, population 2,214, probably best known for being the home of a racing facility for motorsports enthusiasts called Motorsport Ranch. Cresson is located just north of Granbury and south of Benbrook.
An 850-home subdivision, tentatively called Brookside, is planned for the property.
LGI Homes’ speculation purchase will soon be accessible by a new taxpayer-funded relief route on U.S. 377, a three-mile stretch of four-lane highway dubbed the Cresson bypass. After some construction delays, the much sought-after relief route is slated to open in late 2023.
LGI Homes bought the land from Land Fund Manager, a Dallas-based firm managed by developer Peter Malin.
“This is sort of the next frontier,” said Malin to The Dallas Morning News, referring to the largely undeveloped areas southwest of Fort Worth.
While Land Fund Manager parted with 248 acres off the soon-to-be relief route, it still owns 180 acres of nearby property, mostly frontage along U.S. 377, which Malin wants to market for commercial purposes like restaurants, shopping centers, and gas stations.
Two Weatherford-based developers are also getting in on the action. Jim Martin and Ryan Voorhees bought 800 acres just north of LGI Homes’ new site, according to Hood County News. The development will feature a reaction area, including a basketball court, a playground, a trail, a birdwatching station, a butterfly garden, and five ponds.
“I think that 377 corridor is the most under-developed area around Fort Worth, and it’s got the most potential for development,” said Voorhees. “I just think the whole area is going to boom and that bypass is going to help it.”
