Fort Worth developer James R. Harris Partners LLC (JRH Partners) is expecting construction on a $67.5 million residential development to begin this spring.
About 90 homes ranging in cost from $600,000 to $1 million on quarter-acre to half-acre lots, will be surrounded by 18.6 acres of park area, which will include three soccer fields, two tee-ball fields, a shaded playground and more.
“Two laps around the 8,000-linear-foot, 5-foot-wide crushed granite trail around the development’s perimeter will provide the equivalent of a 5k run,” said James Welborn, managing partner of the development and JRH Partners, in a news release. “To enrich the landscaping of 5T Ranch, we will add approximately 300 shade trees.”
Located at 406 Country Club Road, the 55.16-acre property is expected to bring additional revenue to the town, according to Welborn.
“The project will generate an estimated $1 million in additional annual revenue to the Argyle ISD with an estimated 59 additional students expected when all of the homes are purchased,” Welborn said in a news release. “Combined impact fee income for The Town of Argyle and Argyle Water Supply District from the development will be a minimum of $968,670.”
Custom home builders are currently being sought, he said.
JRH Partners purchased 5T Ranch from The Miles Foundation of Fort Worth for an undisclosed amount.
5T Ranch is the company’s second development in Argyle. The Oaks of Argyle is a $55 million, 40-acre residential development featuring custom-built single-family homes. Currently, eight builders have started construction on 27 homes.
“JRH Partners has earned our confidence, starting with The Oaks of Argyle,” said Grant Coates, CEO and president of The Miles Foundation, in a news release. “We are confident that its team will deliver the type of high-quality project that Argyle deserves.”
The project will be surrounded by a four-rail wooden fence and an entrance designed to blend in with the style of surrounding horse ranches.
Founded in 1979, James R. Harris Partners LLC and its affiliates provide such services as land development, homebuilding and commercial development.