Developer moving ahead with Prosper housing development

Real Estate Broker/Owner with DFW Home Search- an AXS Realty Company TREC# 0538753

Forest City Enterprises said Friday that it's moving ahead with plans to develop a 2,100-acre master-planned community in the Town of Prosper.

As part of the deal, Forest City and the Mahard family - which owns the land - say they have reached an agreement with Prosper to annex the property at U.S. Highway 380 and FM 423.

The Denton County land is the longtime site of the Mahard Egg Farm. Cleveland-based Forest City plans to build on the land in a partnership.

"This project is not about building a legacy for ourselves, rather creating the greatest community possible for the place I've called home for the past 75 years," Ernest A. Mahard Jr. said in a statement.

Plans for the project include neighborhoods of single-family homes, shopping centers, office space, parks and recreational facilities.

The Mahard family has used the land as part of its egg farm operations and for other agricultural uses. Mahard Egg Farm is one of the country's largest egg producers.

About a year ago, Forest City and the Mahards announced their partnership to develop the property.

The deal is one of two Forest City is working on in the U.S. 380 corridor.

In August, the firm said it was teaming up with shopping center developer General Growth Properties to build a 400-acre mixed-use project near the southwest corner of the Dallas North Tollway. That development will include 1.5 million square feet of shopping, a hotel, office space and housing.

Forest City also has large community developments in Colorado and New Mexico.

Forest City is best known in the Dallas area for its redevelopment of downtown's historic Mercantile National Bank tower.

By STEVE BROWN / The Dallas Morning News

Comments (1)

Dick Betts
REALTORĀ® The Villages, Florida
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Jan 17, 2008 06:37 AM