Two recent land sales, one in far north Fort Worth and the other in North Richland Hills, will lead to more than 940 new single-family homes, the developers said Tuesday.
Dallas-based Hanover Property Co. said it bought 358 acres at Blue Mound Road and U.S. 287 in Fort Worth for a $300 million development called Berkshire. Site work is expected to begin this month on the development, which will have about 750 homes, Hanover said.
North Richland Hills-based Sandlin Homes said it bought 58 acres along Iron Horse Boulevard and Liberty Way for a development called Cambridge. Construction is scheduled to begin in June. The development will have about 192 homes, the company said.
The land is one of the last large tracts available in North Richland Hills, said Scott Sandlin of Sandlin Homes.
The first phase of Hanover’s Berkshire project will feature 282 homes from builders Highland Homes, American Legend Homes, Ashton Homes and K. Hovnanian Homes. Prices will range from the low $200,000s to the mid-$300,000s.
The first phase of lots will be ready in spring 2015. Berkshire will also have 30 acres of commercial and 17 acres of multifamily development, Hanover Property said.
“This master-planned, highly amenitized development is strategically focused on the discriminating, move-up homebuyer,” Ben Luedtke, a Hanover Property executive vice president, said in a prepared release.
Berkshire will be anchored by a resort-style center with an open-air clubhouse, swimming pool and splash pad. The community also includes a trail system, a 5-acre pond and open green space, as well as a ballfield and playground.
In the Cambridge development, 192 homes are planned in three areas called The Villages, Cambridge Place and Cambridge Estates, Sandlin said. Homes will start in the $200,000s.
Sandlin Homes will develop the two Cambridge sections. Rendition Homes is buying 77 lots in The Villages, Sandlin Homes said.
“We are excited about this piece of property because it is in our hometown,” Sandlin said. “We are able to develop an exceptional new community with quality homes that will add over $50 million of increased property values for the city.”
Cambridge is next to Liberty Park and will have sidewalks and trails that connect to the 11-mile Cotton Belt hike-and-bike trail system, he said.
Hanover Property Co. was founded in 1984. Sandlin Homes was founded in 1957.