Hanover Property Co. purchased 966 acres in Midlothian this week to build a $950M master-planned community, surrounded by 68 acres of commercial and industrial development.
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The developer plans to set aside 26 acres for general commercial construction, and another 42 acres for industrial development.
Commercial properties introduced into the community will have access to a growing, affluent population with Hanover planning to construct 2,000 single-family homes and 160 townhomes on the remaining acreage.
Midlothian is competing with other DFW suburbs for tech talent and young professionals. The small town south of Dallas is already home to a Google data bank and continues to attract a more educated workforce each year.
Hanover plans to sell homes in the community, which sits at the northeast corner of Highway 287 and Walnut Grove Road, in the $300K and up range.
“We’ve been jointly working with the City of Midlothian for the last year on the planning of this development,” Hanover Property Co. Executive Vice President Ben Luedtke said in a statement. “The city is a great partner, and the result is the first true master-planned community of this size in Midlothian. 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.”
Hanover purchased the acreage from ECOM Real Estate. JLL Capital Markets Managing Directors Michael Swaldi and Larry McCorkle and Director Nick Hayden represented the seller. JLL International Director Paul Whitman represented Hanover.
Hanover also tapped MESA to serve as the project's landscape architect. LJA Engineering will handle engineering services.
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