Stillwater Capital Investments is pushing forward with a $1 billion mixed-use project southeast of Fort Worth.
The Reserve, a 210-acre development in Mansfield, will feature a half-mile riverwalk canal loop, boardwalk plaza and a 6-acre lake, connecting to a new town square, the Dallas Business Journal reported. The Dallas-based firm is spearheading the project in partnership with the City of Mansfield, and the initial investment exceeds $300 million.
The city last year bought 10 acres from Stillwater to build a city hall, which will serve as the focal point of the development. The surrounding area will feature a hotel, restaurants, retail and entertainment venues.
The commercial and residential components, along with the city hall, are in the design phase. Construction is scheduled to begin in the third quarter, with phased openings starting in 2027.
Stillwater is also planning a $64 million townhome project and a $100 million multifamily development at The Reserve. The development joins other major commercial initiatives in Mansfield, such as the Staybolt Street Entertainment District, another public-private partnership between REV Entertainment, FC Dallas, High5 Entertainment and the Mansfield Economic Development Corporation, which will include a soccer stadium, hotel and entertainment venues.
The Reserve marks one of Stillwater’s largest development projects in North Texas. Its other projects include a $70 million multifamily project in Plano, which is part of the larger Haggard Farms development. That 142-acre project is slated for office, retail, a hotel and parks.
The firm partnered with D.R. Horton subsidiary Forestar Group to buy one of embattled developer Storybuilt’s sites out of bankruptcy last year. They paid $10.7 million for that 4.5-acre tract in the Lake Highlands neighborhood of Dallas, where they are planning to build 36 homes.
Stillwater also hit a rough patch last year, when it filed bankruptcy for the Mondara Condos, in the Highland Park area of Dallas. It was also facing a lawsuit from residents of the development, who claimed it was “negligently constructed.”
— Andrew Terrell
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