A North Texas private real estate investment and development firm is building a $3.5 billion residential development in Wise County, about 24 miles northwest of Fort Worth.
Dallas-based PMB Capital Investments purchased more than 3,400 acres of land near the intersection of Highway 114 and Highway 287 for its planned development, the company announced Thursday.
PMB said the large-scale development will have more than 10,000 homes, which would make it one of the largest master-planned residential community in North Texas.
The houses in the project will range from the $200,000s to over $500,000.
The development in the Rolling V Land property is located directly in between the cities of Rhome and Newark and less than 15 miles away from the expanding AllianceTexas development.
"This purchase is an investment in a well-established corridor for residential construction and will provide attainable housing options for people working at Alliance Airport, downtown Fort Worth and the surrounding areas. More so, this is a long-term bet on the demand for reasonably priced single-family homes in DFW," PMB Capital Partner Peter Pincoffs said in a statement.
The development will feature more than three miles of frontage along Highway 287. The project will also allocate "significant" commercial space, the company said.
PMB's plan includes more than 800 acres of open space and an extensive trail system developed around existing lakes, seasonal creeks and natural springs.
Construction on the first phase of the project is scheduled to begin in 2020.
Earlier this year, PMB announced a $250-million, 119-acres mixed-used development in Sachse. In total, the company is currently developing seven communities across the Dallas-Fort Worth metroplex.