Old Prosper Partners closed on the 2,870-acre Craver Ranch, north of Denton. And the buyers have ambitious plans.
The Dallas Business Journal reports that city officials previously estimated the development will be a $5.1 billion project over 17 years. The developer plans 7,091 homes, 584 townhomes, 1,515 apartments, 1.2 million square feet of commercial space, three schools and $462 million of infrastructure. Construction should start in 2028 and end in 2045.
The city approved the creation of a municipal management district, a political subdivision that can collect property taxes or assessment from property owners within the district to help finance infrastructure for the development. The developers would pay for the infrastructure at first then be reimbursed later by bonds issued by the district. Revenue from the assessments of property owners would pay the bonds.
Johnson Development Corp. plans to turn the 3,169-acre Cole Ranch outside Denton into a 4,365-home master-planned community, worth an estimated $5 billion.The first set of homes will be delivered in 2027.
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