November 22, 2019
Dallas-based PMB Capital acquired more than 3,400 acres in Wise County, north of Fort Worth, with plans to convert the acreage at SH 114 and US 287 into a large-scale, master-planned community. Upon buildout, the development will offer more than 10,000 housing units and significant commercial space.
In addition to housing and commercial developments, the as-yet-unnamed project will offer more than 800 acres of open space and an extensive trail system. The site is positioned in the Northwest Independent School District; the acreage has existing elementary and middle schools. The first phase of construction is expected in 2020.
“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,” said PMB Capital’s Peter Pincoffs.
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