$950 million master-planned development that will overlook 50-acre lake and rolling hills
Hanover Property Company announced today it has acquired 966 acres of land for a $950 million-master-planned development in Midlothian, Texas, located at the northeast corner of Highway 287 and Walnut Grove Road, about 30 minutes south of downtown Dallas. Plans for the property include 2,000 single-family homes priced from the $300s, 160 townhomes, 26 acres of commercial and 42 acres of industrial development. Pre-development is underway, and homes will be available by early 2022.
“We’ve been jointly working with the City of Midlothian for the last year on the planning of this development,” said Ben Luedtke, executive vice-president of Hanover Property Company. “The City is a great partner, and the result is the first true master-planned community of this size in Midlothian. There is substantial tree coverage, gentle rolling hills and a 50-acre lake. We will thoughtfully enhance the natural beauty that is already in place.”
Hanover’s presence and experience in southern DFW with multiple master-planned communities has positioned them to add a Midlothian property to its portfolio. It is currently developing multiple master-planned communities in the DFW metroplex, including Somerset (487 acres, 1,105 lots) and M3 Ranch (720 acres, 1,571 lots) in Mansfield; and Berkshire (358 acres, 641 lots) and Wellington (610 acres, 1,680 lots) in north Fort Worth. It is also the developer of the hugely successful Mira Lagos community in Grand Prairie.
“Midlothian has been one of the most dynamic growth areas of the southern DFW new home market with 511 housing starts last year,” said Ted Wilson of Residential Strategies, a market research firm. “As land and development costs have risen, it has become increasingly challenging for developers to produce lots that can translate into the $275,000- $400,000 home price—the historical ‘sweet spot’ for Midlothian new home construction.
“Hanover has a reputation of producing ‘right-priced’ master planned communities that are visually appealing, well designed and well executed. This community will offer a spectrum of affordable, normal-sized lots for homebuyers. We anticipate that a cadre of high-quality builders will introduce architecturally appealing homes for this neighborhood,” Wilson said.
The location of the new development off of Highway 287 is one of the more accessible, high-traffic thoroughfares in the growing DFW southern sector and is close to retail, restaurants, higher education, recreation, medical facilities and a regional airport. The development’s name and builders for Phase One, which will consist of 350 homes, will be announced later this year.
JLL Capital Markets Managing Directors Michael Swaldi and Larry McCorkle and Director Nick Hayden marketed the property on behalf of the seller, ECOM Real Estate. JLL International Director Paul Whitman represented Hanover. The project team also includes MESA as the landscape architect and land planner and LJA Engineering.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Hanover Property Company
Hanover Property Company is a real estate development firm located in the Dallas-Fort Worth area that focuses on a diverse portfolio of master-planned residential, commercial retail, multi-family, self-storage and land development properties. Learn more at hanoverproperty.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
