MIDLOTHIAN – Dallas developer Hanover Property Co. has big plans for Midlothian.
Big plans to the tune of a $950 million community that will consist of over 2,000 homes. They’ll be sold starting at around $300,000.
The deal began when the real estate developer obtained 966 acres of land in Midlothian early last month.
The property is at the northeast corner of U.S. 287 and Walnut Grove Road.
The location of the new development off U.S. 287 is one of the more accessible, high-traffic thoroughfares in the growing Dallas–Fort Worth southern sector, a Hanover Property Co. press release stated. The release also indicated proximity to retail, restaurants, higher education, recreation, medical facilities and a regional airport as an attractive selling point for the new development.
The community will be part of a master planned community. It will have more than 2,000 single-family homes, plus 160 townhomes, 26 acres of commercial development and 42 acres of industrial development.
“The city is a great partner, and the result is the first true master-planned community of this size in Midlothian,” said executive vice president of Hanover Property Co. Ben Luedtke in a prepared statement. “There is substantial tree coverage, gentle rolling hills and a 50-acre lake. We will thoughtfully enhance the natural beauty that is already in place.”
Luedtke indicated his company had been working with Midlothian for the past year regarding the new development.
As for now, the company is in the pre-development stage and the first-phase builders will be announced later this year.
Midlothian Is Growing
Ted Wilson of the market research firm Residential Strategies said Midlothian is one of the most dynamic growth areas in the southern DFW new home market.
“As land and development costs have risen, it has become increasingly challenging for developers to produce lots that can translate into the $275,000 to $400,000 home price, the historical ‘sweet spot’ for Midlothian new home construction,” Wilson said in a statement.
Hanover Property Co. plans to have the first 350 homes in the first phase available to buyers by early 2022.
Hanover has other master-planned communities in the area including in Mansfield M3 Ranch with 720 acres and 1,571 lots. The company was also the developer in Grand Prairie’s Mira Lagos.
Midlothian is the city where the new Google data center will be located. Google is spending as much as $600 million in the Ellis County facility.