The Hanover Property Company has purchased 966 acres on U.S. Highway 287 in Midlothian for a massive development that will feature single-family homes, townhouses, commercial space, and even some industrial construction.
According to recent reports, the $950 million project, located just southwest of Dallas, will eventually bring more that 2000 homes to the area.
The first phase of the project will include around 350 houses and starting prices are expected to be about $300K.
Hanover Property Co. purchased the sprawling development site from ECOM Real Estate in a deal negotiated by JLL’s Paul Whitman, Michael Swaldi, Larry McCorkle and Nick Hayden. Mesa Landscape Architecture and LJA Engineering have been hired for planning the large-scale project. Hanover is developing several other projects within the region, including Somerset and M3 Ranch in Mansfield, and Wellington in North Fort Worth.
With high land prices north of Dallas, many home-builders and developers have been moving south of the Dallas-Fort Worth area into Ellis County.
Midlothian is quickly becoming one of the most dynamic growth areas of the southern DFW new home market. Paired with new residential projects, Midlothian has also seen an increase in industrial construction including Google's $600 million data center.
The first neighborhoods in the highly anticipated new community are scheduled to be available by early 2022.