Lennar buys land for homes in Euless project

Posted Wednesday, Feb. 13, 2013  comments  Print Reprints
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EULESS -- Lennar Corp. has bought 49 acres at the northwest corner of Airport Freeway and Texas 360 in Euless, the first land acquired for the Riverwalk development since the project was announced nearly two years ago, the company said Wednesday.

The national home builder said the development will feature its new, more upscale home designs, with prices starting in the low $300,000s.

"Our Riverwalk homes will comprise the first of several new developments in the region where we will debut a new upgraded product line that encompasses higher quality details and amenities in addition to a more upmarket architectural design," Greg Urech, Lennar's land operations director, said in a statement.

Groundbreaking is scheduled for summer, and a model home will be open by the first quarter of 2014, Lennar said.

The Miami-based company said it will initially build 200 homes but has an option to double that.

Lennar bought the land from Dallas-based Stratford Land Co., which bought 194 acres in April 2011 from a California real estate company that had owned the property since 1993.

A fashion mall was once planned for the site, but Stratford said it wanted to develop the tract for homes, shopping and hike-and-bike trails with a signature riverwalk feature.

"When Stratford acquired the property in 2011, we knew the location was exceptional," said Steve Sanders, Stratford Land's senior investment manager for Texas. "Lennar's decision to build at this location affirms our investment, and we are excited to see the residential area of Riverwalk come to life."

Stratford said it is also talking with potential buyers for Riverwalk's multifamily tracts. The company said it expects sales of the commercial tracts to happen soon thereafter. About 70 acres is set aside for commercial development.

When completed, Riverwalk will have about 480 single-family homes, 250 town houses and at least 500 apartments, as well as shops and restaurants.

The land stretches from Airport Freeway on the south to Harwood Road on the north to Texas 360 on the east to near Fuller-Wiser Road on the west. Midway Drive bisects the tract east to west. In the 1990s, the Bear Creek Fashion Mall was proposed for the site but never built.

Sandra Baker,

817-390-7727

Twitter:

@SandraBakerFWST

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