FORNEY, TX—Dallas-based master-plan developer Wynne/Jackson has long been active in the Forney market, beginning with the original acquisition and entitlement of what is now developed as Devonshire in North Forney. The company refocused its efforts in Forney in 2014 because of its location in the path of growth, proximity to major employment centers, the quality of the schools and the high level of services. The location between US Highway 80 and Interstate 20 on FM 548 is one of the key factors that makes this tract appealing for a master-planned community.
As such, Wynne/Jackson recently gave the nod to construction commencement at Overland Grove. The 336-acre property is planned to include more than 1,000 single-family residential lots with an estimated economic value exceeding $300 million.
A development agreement was signed in April 2017 with Forney, and annexation and zoning of the property into the city occurred in the fall of last year. The property is planned for a variety of lot sizes, residential design guidelines, significant open space, miles of pedestrian trails, proposed on-site elementary school, a community garden area and an amenity center.
“We have been active in Forney since the early 2000s and it has always been a market we believe in,” said Michael C. Jackson, vice president and principal of Wynne/Jackson Inc. “It is a great city to raise a family, with an excellent school system, abundant parks and an emerging historical downtown district. We are excited to have two of the top homebuilders in the country as the builders in the project. This will be the most sought-after master planned community in Forney thanks to the past three years of planning which will deliver a neighborhood rich in quality amenities and thoughtful design.”
Wynne/Jackson is partnering with a national private equity real estate investment group, RAM Real Estate Capital.
“RAM's executives have operated in the residential real estate industry for decades and as such, take a long-term view of the sector. RAM firmly believes that forming JV partnerships with exceptional, highly talented and experienced developer partners in markets with strong and sustainable growth dynamics is at the core of achieving lasting success over the long-term. Partnering with Wynne/Jackson in this incredible development in Forney not only is squarely in line with our investment objectives but also represents an outstanding opportunity for RAM to enter the DFW market with an exceptional partner,” said RAM senior vice president, John Lincoln.
Landmark Bank has provided construction financing for the first phase of 327 lots that are under construction, with an anticipated completion date of March 2019. Two homebuilders, Taylor Morrison and CalAtlantic Homes, have contracted for all of the lots in the initial phase. Homes will be priced between $275,000 and $400,000.
The project has been named Overland Grove as a reflection of appreciation for this area's history. US Highway 80 was known as the Overland Highway, with Grove being used because the project will include groves of various species of fruit-bearing trees as well as resident-tended garden plots at the amenity center.
“The overall appeal of North Texas can be attributed to the Central time zone, a large airport that provides access around the world with nonstop flights, relatively low housing costs and low cost of living (compared to other major metro areas), good public and private education, excellent universities, pro-development/pro-growth stance of most cities in DFW and a mild climate,” Jackson tells GlobeSt.com.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
