A large-scale mixed-use development is in the works for a former Hereford cattle ranch in Willow Park, Texas. Beall Investments has acquired 317 acres of land for $100 million and plans to transform it into a $500 million project. The city, located 20 miles west of Fort Worth, is currently organizing its resources to facilitate the development on the southwest corner of I-20 and FM 1187.
The purchased land is part of Dean Ranch’s total area spanning over 2,000 acres. Beall intends to create a diverse community with commercial spaces covering 135.2 acres, multifamily units spread across 91.7 acres, single-family homes occupying an area of 35.3 acres and light industrial buildings covering an additional55 .5acres.This will also include parks,trails,and green space.
According to reports from Dallas Business Journal,the infrastructure costs are estimated at $57 .8million which will be divided into three phases.The city also plans on establishing a tax increment reinvestment zone that would allow some property tax revenue generated by increased property values over40 years,to be directed back towards the developer.
Willow Park’s current population stands at approximately6 ,630 accordingto data fromthe U.S.Census Bureau.
