Mansfield acreage hits market for $25M

A 121-acre tract with development plans in place has hit the market in the Dallas-Fort Worth suburb of Mansfield. 

“Starlin Ranch” is owned by Bethlehem Baptist Church, whose senior pastor is Mansfield’s mayor, Michael Evans. It is located at 1109 West Broad Street and straddles Tarrant and Johnson counties. 

Dallas-based commercial real estate company Onyx Legacy Group is marketing the property, listed at $25 million, or nearly $207,000 per acre. 

Before Bethlehem Baptist Church purchased the property, a potential buyer developed site plans and received city council approval for them. A condition of the sale is sticking to the property’s approved development plan, said Mark Allen, a managing partner at Onyx. 

The plans include a neighborhood of 427 lots, 156 of which would be for townhomes. The plans call for homes ranging from about $350,000 to $1 million, Allen said. The project could also feature neighborhood retail, like a specialty grocery or medical offices.  

“In Mansfield, we have a dearth of middle housing. You’ll have single-family homes and multi-family apartments, but not much in the middle,” Evans said. 

The owner will consider offers on portions of the property, Allen said. Funds from the sale will likely go back into a church endowment for future buildings and outreach efforts, he said.

Mansfield’s growth has spurred development throughout the community, including a mixed-use project called “Water Mill Square” in downtown Mansfield, the Fort Worth Star-Telegram reported. The city is partnering with Frisco-based Nack Development for that project. 

Read more

About 2 miles from downtown, the Starlin Ranch property is adjacent to the site of a future school. The neighborhood will also be home to a mixed-use development that will feature a film studio, Dallas Morning News reported. The first phase of the 72-acre studio is expected to cost $70 million.  

This land sale isn’t 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 link

About The Author

Scroll to Top