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Multibillion-dollar Development Planned for Denton

DFW: A Collin County developer has announced plans for a $5 billion development on the ranchland it recently purchased in North Denton. The purchase of ranchland by Old Prosper Partners follows not only its previous buys north of Dallas but that of numerous other developers for residential and mixed-use projects. Old Prosper Partners recently bought more than 2,500 acres of the Craver Ranch, located south of Lake Ray Roberts. Denton city leaders already have approved mixed-use zoning plans that will include more than 7,000 single-family homes, more than 1,000 each of townhomes and apartments, plus more than 350 acres for commercial projects. Several hundred acres will be set aside for greenspace and parks. Construction of the first phase of 800 single-family homes is expected within two years. The real estate investment firm has purchased more than 8,000 acres of land in Collin and Denton County in recent years.

DFW: And Hillwood also is moving ahead with its own plans for a master-planned community near Pilot Point in another part of Denton County. The Dallas developer has received tax incentives from county officials for a $1.2 billion development called the Lantern. It will include more than 2,000 homes on more than 600 acres. Development plans call for homes of various lot sizes with starting prices from around $350,000 to more than $600,000. The project will feature a community center and sports courts, more than 100 acres of green space and parks and nearly 30 acres for mixed-use projects. An elementary school also is planned for the site.

DFW: A new hotel could go up in Uptown Dallas if two partners have their way. Cawley Partners and Alamo Manhattan recently bought a 27,000-square-foot office building on Cole Avenue for a $50 million hotel. The companies will seek rezoning for the site and if approved, will tear it down for construction of the 140-room hotel they hope to start within two years. Cawley and Alamo have worked on other projects together and Cawley also acquired through foreclosure Hardwood No. 1, the former Rolex branded building in Uptown Dallas, and also is the co-owner of the Shops at Willow Bend in Plano. 

DFW: And in another partnership, StreetLights Residential of Dallas has teamed with Mitsui Fudosan America again, this time for a new 20-story luxury high-rise apartment complex at Park Lane and U.S. 75. Construction on the 365 apartments is expected to begin later this spring and be completed within three years. The tower will have four types of apartment units that will range from about 500 square feet to more than 1,700 square feet. They will be anchored by first-level retail, along with numerous in-unit amenities. The two companies previously developed The Oliver, an 18-story apartment tower just east of U.S. 75 north of Haskell Avenue in Dallas. 

U.S.: Hosting a Super Bowl party at your home this year? If you’re spending more than $140 on food for a group of 10, it will be more than the average American household will spend this year. But that doesn’t include decorations or libations. Here are some Sunday non-football stats based on food industry predictions: Chicken wings, nearly 1.5 billion will be consumed, about 10 million more than last year. Potato chips, 11 million pounds; tortilla chips for nachos and salsa, 8 million pounds; guac, also 8 million pounds; and pretzels, 4 million pounds. As for pizzas, the over-and-under is 12 million pies, most of them delivered, so get your orders in early. 

U.S.: Bill Gates is shedding his real estate holdings around Xanadu 2.0, his massive 10-acre estate outside of Seattle. The co-founder of Microsoft bought the land in the late ’80s and began building on it and later bought up several properties around it. Xanadu 2.0 has grown to a more than 66,000-square-foot tech-heavy and security-laden mansion with seven bedrooms, 24 baths, a massive ballroom, a guest house, and pool house. Its price tag is around $130 million. Over the years, Gates bought several homes and vacant land around the property, but he sold one home in 2024 and in early February he listed a four-bedroom, 2.5-bath, 2,700-square-foot home for $4.85 million. Even so, he still owns several properties around Xanadu. 

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