A lot of land has changed hands in northeastern Denton County this summer. Developers are making plans to push the suburban reaches of D-FW further north, with one acquisition after another in Pilot Point and Aubrey.
Lantern by Hillwood
Last month, Hillwood Communities purchased 618 acres at the northwest corner of Friendship Road and FM 1385 in Pilot Point. Ben McCutchin, Younger Partners executive vice president, represented the seller, Gene McCutchin Ltd. III, the estate of his late brother, in the deal.
Hillwood plans to build Lantern, a master-planned community comprising 2,000 lots, neighborhood retail, and multifamily housing. Lantern may represent up to $1.2 billion in investment at full buildout and be Hillwood’s sixth master-planned community in Denton County.
The buying continued just last week, when two investment groups closed on another 102 acres from the Gene McCutchin estate at the southeast corner of FM 1385 and G.A. Moore Parkway. Midas Investments, led by Raj Veer and Babu Bagham, purchased 53 acres, while GC Land Partners, led by Gail Peyton and Richard Kincheloe, acquired the remaining 49 acres. The buyers intend to pursue mixed-use development on the property.
The deals add to a string of acquisitions in and around Pilot Point. Last year, McCutchin brokered the sale of slightly more than 260 acres to Talley Land Development for a future residential project. He also represented the seller in H-E-B’s purchase of 95 acres at the northeast corner of FM 1385 and Mustang Road.
“Stuff’s still selling,” McCutchin said, speaking with CandysDirt.com. “Prices have come down some, but there’s just a lot of stuff going on out there.”…