Real Estate

Beall Development Stakes $500 Million West of Fort Worth

11 December 2024

Beall Development is setting the stage for a $500 million development 20 miles west of Fort Worth.

The Colleyville-based company, headed by CEO Robert Beall, plans to develop 317 acres near the town of Willow Park with residential, retail and light industrial, the Dallas Business Journal reported.

The project, at the southwest corner of Interstate 20 and FM 1187 in Parker County, would be a significant addition to the rapidly growing area west of Fort Worth. The land, part of the expansive Dean Ranch, was purchased in 2022 by Beall Investments and two other entities, including Colleyville-based Lynch Legacy Realty Group.

It was previously owned by the Dean family, who raised Hereford cattle there for 100 years. Beall Investments named its development Dean Ranch Business Center South.

Preliminary plans call for 135 acres of commercial space, about 92 acres for multifamily housing, 35 acres of single-family homes and 55 acres for light industrial.

The land was removed from Fort Worth’s extraterritorial jurisdiction last year, and the developer is now working to annex the land, in the 8500 Block of East Bankhead Highway, to Willow Park. This would allow infrastructure development, including water and sewage systems, expected to cost $57.8 million across three phases. Willow Park, which has a population of 6,600, is considering creation of a tax increment refinance zone, which could reimburse the developer for some of those costs.

The proposed development is one of several large-scale projects, such as Walsh and Morningstar, cropping up around Fort Worth as developers carve up former farm and ranch land.

The de-annexation of development sites from extraterritorial jurisdictions has become more common since a Texas law took effect last year allowing developers to petition for removal.

Another prominent example is Austin-based developer MileStone Community Builders’ recent work to remove 498 acres from the ETJ of small-town Hays and instead have it annexed to the city of Austin because of environmental concerns.

— Andrew Terrell