A planned residential development south of downtown is progressing after an Arizona-based real estate investment and land asset management company acquired nearly 300 acres at West Cleburne Road and Longhorn Trail in Crowley.
Walton Global said the 296-acre property named "Sewell" will be developed by a “top national home builder,” according to a news release. About seven acres will be developed for commercial use.
“This property represents a natural extension of the path of development in south Fort Worth, complementing Walton’s Rock Creek Ranch master plan to the west, and Southfork Estates to the east,” said David Peter, executive vice president, special projects with Walton.
“Walton and the builder on this project remain very bullish on the market in Fort Worth, and the entire greater Dallas-Fort Worth market.”
Walton has about $3.4 billion under management, according to company officials.
According to the company, the undisclosed home builder asked Walton to secure the land while the builder begins its development processes. Walton’s purchase of the acreage includes an exit-focused letter of intent for the pre-development land from the home builder.
“This is the first of what we hope will be many builder-brought investments in the future,” Ed Hadley, Walton’s executive vice president, real estate added.
The property is being annexed by the city of Fort Worth.
The site is next door to Walton’s Rock Creek Ranch development, which consists of 1,700 acres and a planned 3,800 single-family homes along the Chisholm Trail Parkway, constructed over the next 10 years.
Walton acquired the property in 2014. Construction is expected to begin later this year, according to company officials.
“The Chisholm Trail Parkway … really made it a logical path of growth extension for the new Fort Worth,” Peter recently told the Dallas Business Journal.