Monday, May 29, 2023

Hillwood to develop Circle T Ranch

Site Plan for Circle T Ranch in Westlake, Texas being developed by Hillwood and The Howard Hughes Corporation (Photo: Business Wire)
Site Plan for Circle T Ranch in Westlake, Texas being developed by Hillwood and The Howard Hughes Corporation (Photo: Business Wire)

Hillwood and The Howard Hughes Corporation announced this week the launch of a 130-acre, mixed-use development at Circle T Ranch, a 2,500-acre, master planned community in Westlake, that is located within the 18,000-acre AllianceTexas development.

The development, which is situated at the junction of SH 114 and SH 170, will include more than two million square feet of mixed-use office, retail and entertainment space and will be anchored by the recently announced 500,000-square-foot corporate campus for the Charles Schwab Corporation, one of the nation’s largest financial service providers.

“Developing this mixed-use project at the Circle T Ranch represents a watershed moment in the 27-year history of AllianceTexas,” said Mike Berry, president of Hillwood Properties, general partner for the new development. “Circle T Ranch offers some of the most beautiful land in North Texas, which makes it a prime destination for companies wishing to establish a presence in this region. This project is the culmination of our joint efforts to enhance the ranch’s attributes, while offering a new array of office, retail, dining/entertainment and health and wellness options for corporate employees and area residents alike.”

The planned mixed-use development will include 1.2 million square feet of combined Class A mid-rise office with adjoining retail and entertainment uses, as well as a 200-room hotel and residential options. The office component expands Hillwood’s offerings of office destinations within the AllianceTexas corridor, including the recent addition of Hillwood Commons at Alliance Town Center in 2015.

“The re-envisioned plan for creating a dynamic mixed-use development anchored by the Charles Schwab campus on our site on Circle T Ranch will be a catalytic addition to the thriving Westlake community,” said Grant Herlitz, President of The Howard Hughes Corporation. “Together with our partner, we look forward to this development coming to life, bringing highly skilled jobs and an abundance of amenities to this great community.”

Circle T Ranch will also include land for parks, open space and creeks. Nature trails and an advanced fitness center in the retail district will also offer individuals additional health and fitness options in the community.

The mixed-use development will be immediately adjacent to the recently announced 500,000-square-foot corporate campus for Charles Schwab, which is part of the company’s efforts to enhance customer service operations by expanding its footprint in the Dallas/Fort Worth market. When the Schwab project is completed in early 2019, the company will create approximately 1,200 jobs on the campus.

Hillwood and The Howard Hughes Corporation plan to program a mix of entertainment and food and beverage concepts not currently available in the SH 170 corridor, with a focus on supporting both the growing daytime office users as well as the residential community already in place and still expanding. Architectural details will incorporate the natural attributes of Circle T Ranch, which features open prairie landscape, native grasses, ranch land with roaming cattle and views of Westlake’s iconic Lake Turner to the south.

CTG Staff
CTG Staff
The Cross Timbers Gazette News Department

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