**Massive Denton Development Project Announced by Old Prosper Partners**
Old Prosper Partners has officially closed on the purchase of the 2,870-acre Craver Ranch, located just north of Denton, Texas, and has unveiled ambitious plans for a transformative mixed-use development.
According to reports, the project is estimated to be worth $5.1 billion and is expected to span 17 years, with construction beginning in 2028 and concluding by 2045. The master plan includes the development of 7,091 single-family homes, 584 townhomes, and 1,515 apartments. Additionally, it will incorporate 1.2 million square feet of commercial space, three schools, and $462 million worth of infrastructure improvements.
To support the scale of the project, the city has approved the creation of a Municipal Management District. This district is a specialized political subdivision that can collect property taxes or assessments from local property owners within its boundaries to help finance infrastructure costs. Initially, the developers will cover these costs out of pocket, but they will eventually be reimbursed through bonds issued by the district, which will be paid off using the revenue generated from the property assessments.
In a separate Denton-area development, Johnson Development Corp. is moving forward with the 3,169-acre Cole Ranch project, which will be transformed into a 4,365-home master-planned community. With an estimated value of $5 billion, the first homes in this development are expected to be delivered in 2027.
These major new developments mark significant growth for the Denton area and underscore North Texas’ ongoing expansion as a hub for residential and commercial activity.
