Denton City Council members continued discussion of the 2,500-acre master-planned development at an Oct. 21 work session.
The specifics
The project, developed by Old Prosper Partners, is located on the 2,870-acre area south of Lake Ray Roberts that was annexed into the city in 2008 and 2009, according to city documents.
The development will include:
- 7,019 single-family homes
- 584 townhomes
- 1, 515 multifamily units
- 1.2 million square feet of commercial space
- A 358-acre central park
- 13.5 miles of trails
- Two elementary schools
- One middle school
The impact
Development Services' interim Director Charlie Rosendahl said the assessed value of the development at buildout would be just over $5 million. He said Craver Ranch would generate approximately $38 million in net revenue to the city over 40 years.
Council member Brandon McGee said he was excited about the amount of townhomes included in the plan for the community.
“That’s what affordability is today,” he said.
In addition, Old Prosper Partners is giving the city a $3 million funding contribution toward affordable housing initiatives.
Also of note
The proposed development is part of a municipal management district, or MMD, a separate political subdivision from the city that can collect property taxes or assessments from property owners within the district, per city documents.
However, the Craver Ranch MMD will not collect property taxes and will only charge assessments, to fund infrastructure within the community like roads and parks.
Denton City Council approved a resolution supporting the legislation for the creation of a MMD in March.
Looking ahead
Rosendahl said there will be a zoning, comprehensive plan and mobility plan hearing at the planning and zoning commission meeting Nov. 19. The Craver Ranch development will come back before city council at the Dec. 2 meeting, he said.
