Old Prosper Partners has officially closed on Craver Ranch, a roughly 2,500-acre spread in far north Denton that the investment firm plans to turn into a master-planned community worth an estimated $5.1 billion at buildout. Just south of Lake Ray Roberts, the property stretches across a wide swath of rural land that city staff and the developer say will hold homes, parks and commercial space. The purchase starts a multiyear buildout that is expected to reshape traffic patterns and public-infrastructure needs across northern Denton.
Co-founder Teague Griffin told The Dallas Morning News the deal closed Friday, and the paper reports the approved land plan calls for roughly 7,100 single-family homes, more than 1,000 townhomes and about 1,000 apartments. The plan also reserves roughly 340 acres for commercial uses and more than 360 acres of parks, anchored by a 338-acre central park, with an estimated assessed value at completion of about $5.1 billion. Griffin told the paper the initial phase will include about 800 single-family homes and that the community’s name will be unveiled soon.
What the master plan would include
City planning documents and local reporting outline a long-term mix of housing, schools, trails and open space across the site. According to Community Impact, city materials list roughly 7,019 single-family lots, 584 townhomes and about 1,515 multifamily units, along with about 1.2 million square feet of commercial space and a roughly 358-acre central park. The developer has pledged a $3 million contribution for affordable housing, and city documents say the buildout could stretch across more than a decade.
City approval and the municipal management district
The Denton City Council approved rezoning for the property and backed creation of a municipal management district that will finance roads, parks and oversized utilities through developer-backed assessments, according to the city’s public notices. Council meeting materials and the Dec. 2 video transcript show city staff outlined an estimated $462 million in public infrastructure to be provided by the developer and reimbursed through the district, and staff presented a positive net fiscal impact analysis during the hearing. Hoodline coverage of the rezoning hearings and public meetings also detailed the lead-up to the council votes.
Neighbors raise water and wildlife worries
Dozens of residents packed council chambers to oppose the project, warning that such a large development could strain local aquifers, fragment wildlife corridors and overhaul the rural character near Ray Roberts Lake. Reporters on the ground noted the crowd’s sharp reaction at the December hearing and quoted long-time locals who said they were not adequately notified about the scope of the plan. The objections highlight a familiar Denton tension between growth pressures and efforts to protect open space, trails and water resources.
Part of a wider North Texas building wave
Old Prosper Partners has been assembling large tracts across Collin and Denton counties as developers race to keep up with housing demand, including the Colmena Ranch north of McKinney and the Green Meadows property in Denton County, according to The Dallas Morning News. The Craver Ranch purchase joins other mega-projects such as Cole Ranch and Hillwood’s Landmark, all promising thousands of new homes and billions in assessed value as the metroplex keeps pushing north. For city leaders, the question is whether the long-term tax base and added housing supply will outweigh near-term strain on roads, schools and water systems…