A 121-acre tract with development plans in the Dallas-Fort Worth suburb of Mansfield has hit the market.
“Starlin Ranch” is owned by Bethlehem Baptist Church, whose senior pastor is Mansfield Mayor Michael Evans. It is located at 1109 West Broad Street and spans Tarrant and Johnson counties.
Dallas-based commercial real estate company Onyx Legacy Group is marketing the listed property at $25 million, or about $207,000 per acre.
Before Bethlehem Baptist Church purchased the property, a potential buyer developed site plans and obtained city council approval for them. Mark Allen, managing partner of Onyx, said a condition of the sale is adherence to the property’s approved development plan.
Plans include a neighborhood of 427 lots, 156 of which will be for townhomes. Plans call for homes ranging from about $350,000 to $1 million, Allen said. The project may also include neighborhood retail such as a specialty grocery or medical offices.
“In Mansfield, we have a shortage of middle housing. You’ll have single-family homes and multi-family apartments, but not much in between,” Evans said.
The owner will consider offers on parts of the property, Allen said. He said funds raised from the sale will likely go back into the church’s endowment for future buildings and outreach efforts.
Mansfield’s growth has sparked development throughout the community, including a mixed-use project called “Water Mill Square” in Downtown Mansfield, the Fort Worth Star-Telegram reports. The city is partnering with Frisco-based Knack Development for that project.
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About 2 miles from town, the Starlin Ranch property is adjacent to the site of the future school. The neighborhood will also be home to a mixed-use development that will include a film studio, the Dallas Morning News reports. The first phase of the 72-acre studio is expected to cost $70 million.
This land sale is not Bethlehem Baptist Church’s first foray into local real estate. In 2019, the church opened a 135-unit affordable housing community for seniors called Pioneer Place, KXAS reported. The congregation raised $150,000 to purchase a piece of vacant land near the church for that project.
Source: therealdeal.com
