367.67 acres

The subject property is comprised of 367.67 acres, purchased on June 30, 2004. It is located on the east side of Granbury Road between Columbus Trail and St. Francis Village Road in the City of Fort Worth, Tarrant County, Texas.

The new section of State Highway 121 comprises the east boundary of the development. TxDOT has begun acquisition of land necessary for the ROW for the section.

The property has 34.10 acres zoned for commercial use, 11.5 acres for a public neighborhood park, 13 acres for private open space, and 1.5 acres dedicated to an amenity center and Lazy River water feature.

The property has been platted for 1,357 lots in sizes 40’ x 110’, 50’ x 110, and 60’ x 115’. Wall Homes, Bowen Family Homes, and Twinmark Homes each have lots under contract. Of the 1,357 lots platted, 421 lots are on the ground and are all under contract. These lots are currently being taken down by the builders.

Wall Homes is taking down 40- and 50-ft lots with a yearly average combined take down of 80 lots. Bowen Family Homes is taking down 40- and 60-ft lots with a yearly average combined take down of 64 lots. Twinmark Homes is taking down 60-ft lots with a yearly average takedown of 32 lots.

Based on the current takedown schedules we have 2.39 years worth of lots on the ground which means we will need to start developing Phase II at the end of next year. However, we are currently looking to add one more builder on the 50-ft lots with a takedown of 40 lots a year which will decrease our lot supply to two years.  A balance of 936 paper lots remains.