The master-planned community of Belmont is back on track to bring thousands of new rooftops to southern Denton County after a cash infusion from Hillwood.
Hillwood, a Perot Company, and Realty Capital Management, a Dallas-based commercial real estate developer, have entered into a joint venture to develop approximately 1,000 acres of land near Argyle on the northwest corner of I-35W and FM 407.
First announced in 2005 and approved by Denton County Commissioners Court in 2007, Belmont did not get off the ground due to the housing slump and lack of nearby utilities.
Belmont will be developed with 130 acres for mixed-use projects and 2,500 residential homes. Home prices are expected to range from the $200,000’s to the $400,000’s, with a variety of home styles by local homebuilders.
The community also has more than 5,000 feet of frontage along I-35W, which is expected to attract notable retail and commercial users.
Belmont is Hillwood’s largest residential land investment in the Dallas-Fort Worth area in the last four years.
“Hillwood is proud to continue the AllianceTexas legacy of success with a new master-planned community in the expanding north Fort Worth area,” said Fred Balda, president of Hillwood Communities.
“Hillwood has seen tremendous success in this popular area and we are excited to begin improvements that will greatly enhance the area for new businesses and residents. We will build on our past successes to make this the next generation of master-planning excellence.”
“We are very excited that Hillwood has joined us on the Belmont project,” said Richard Myers, Managing Director of Realty Capital Management. “Realty Capital began working on Belmont in 2005 purchasing five tracts of land from different owners. We then worked with the cities of Northlake and Argyle on the entitlements and have since established two fresh water supply districts to provide utilities.”
Ted Wilson of Residential Strategies, Inc. said, “This property is in a prime location along I-35W, with major access to both existing and future employment and retail centers. The recent construction of water and sewer facilities to the site is key to the new development. Plus, this is perfect timing to meet the growing demand for a replacement for the North Fort Worth and Highway 114 submarkets, which are expected to be built out in a couple of years.”
Hillwood officials said that they have received strong interest from several homebuilders and intend to break ground this summer, with a spring 2013 delivery of the first phase of home sites.
Since its inception in 1988, Hillwood Communities has built 70 communities throughout the United States and Costa Rica, and has developed more than 22,000 lots. Currently, the company oversees 34 active communities in 28 cities and seven states.