Dean Ranch ‘Gateway to Aledo’ property purchase closes
Lynch Legacy Group of Willow Park represents Levens Capital LLC in record-setting transaction
Stacy Lynch and Stephanie Rich with Lynch Legacy Realty Group in Parker County have announced the closing of a 1,495-acre purchase of a portion of the Dean Ranch. Lynch represented Levens Capital LLC in the purchase of the historical site.
The mixed-use, master-planned development is underway in becoming a new ‘Gateway to Aledo.’
About 238 acres of the property that faces FM 1187 will be in the city limits of Aledo, with the remainder being in the city limits of Fort Worth.
Infrastructure improvements on streets, sidewalks, drainage, and utilities will be accomplished without burdening Aledo taxpayers. Those improvements, projected at up to $41 million, will be financed in part by the developer by way of a Public Improvement District (PID). This is the first PID ever created in the City of Aledo. Such districts are a financing tool frequently and commonly used by Texas cities to provide specific types of improvements or maintenance within a designated area.
Two parcels of land are being donated to Aledo ISD for future education sites. The tracts equal about 117 acres, saving millions of tax dollars for current Aledo residents.
This project will focus on nature and conservancy, outdoor health, and multi-generational communities. Dean Ranch will provide outdoor connection opportunities such as trails, workout zones, and multi-use open spaces. An additional water tank will be erected and all water usage will be coming from the City of Fort Worth resources.
Major roadways will be built throughout the development connecting to I-20 east of the Aledo exit and will bring relief to FM1187 traffic. Through the work of the developers, the Cities of Aledo and Fort Worth, a collaborative effort was made to relieve traffic and supply sufficient water to the area.
A Major Win.
"This is a major win for Aledo. Not only will we add high-quality, single-family homes on substantial lots and well-designed townhomes, but there will also be a private amenity center, public parks, trails, green space, and substantial new commercial development, all of which adds to our tax base. Most importantly, we get to decide what this gateway to our community will look like, by having a portion of the development actually within Aledo and distinctively shaped by the design standards in this carefully negotiated agreement.”
ALEDO MAYOR NICK STANLEY
Phase 1 land use will include open space, parks, natural areas, commercial, single-family residential, and a state of the art amenity center valued at $4.5 million.
“This two-year project has been a result of many entities working together to build a development Parker County will be proud of,” said brokers Stacy Lynch and Stephanie Rich. “Two tracts on the corners (northwest and southwest) of I-20 and FM1187/3325 will be added to this project in the next two months making the 2,000 acre Dean Ranch the largest real estate deal in Parker County history, totaling $107.5 million dollars."
Aledo Mayor Nick Stanley said if Dean Ranch was going to happen in Fort Worth, immediately adjacent to Aledo, it was critical that this part of the development be brought into Aledo and thoughtfully designed as an eastern “gateway” to the city.
“This is a major win for Aledo,” he said. “Not only will we add high-quality, single-family homes on substantial lots and well-designed townhomes, but there will also be a private amenity center, public parks, trails, green space, and substantial new commercial development, all of which adds to our tax base. Most importantly, we get to decide what this gateway to our community will look like, by having a portion of the development actually within Aledo and distinctively shaped by the design standards in this carefully negotiated agreement.
“We know our residents may have concerns about this project, so it is important to understand that the city council and staff are already taking purposeful steps to plan for and address the dynamic growth happening in and near our community.”