Cassco Development Co. Inc. lists the build out and phasing scheduling as three to four years in its application.
FORT WORTH, Texas — This story was originally published by our content partners at the Dallas Business Journal. You can read the original version here.
Cassco Development Co. Inc., the company behind the Clearfork mixed-use project in southwest Fort Worth, is planning a 101-acre development not too far away that could include a grocery store.
Cassco filed Sept. 13 an application with the city to annex roughly 145 acres around 6600 Oakmont Blvd. Of that, 101 acres will be devoted to a mixed-use development and the other 44 acres will be used for right of way, the application states.
Cassco is the development arm of the Edwards family, owners of the 7,000-acre Edwards Ranch. While the family used to run a cattle ranch dating back to 1848, their primary business pivoted to real estate in 1956, according to the Cassco website.
Plano-based Westwood Professional Services is attached as engineer for the new project.
Paxton Motheral, vice president of Cassco, did not respond to Dallas Business Journal’s request for comment. While information is limited due to the early nature of the development, the filing provides some idea about what the company has planned.
The application alludes to the addition of a “convenient grocery store at a major intersection.” It states the annexation fits into the city’s comprehensive plan because it aims to “create additional commercial opportunities, employment, increased property values and sales tax,” diversifying Fort Worth’s tax base that skews residential.
The application shows the site has direct access to Oakmont Boulevard and frontage along Chisholm Trail Parkway. Cassco plans to install a “spine road” that aligns with the median of Oakmont Boulevard, extending Oakmont Trail north and south to connect with nearby neighborhoods. Cassco lists the build out and phasing scheduling as three to four years in its application.
The new project would be about 5 miles away from Cassco’s Clearfork, a 270-acre mixed use development that is home to luxury retail, apartments and restaurants. The first phase of that development cost around $300 million. Fort Worth City Council last year approved incentives for a $400 million second phase.
The area around Chisholm Trail has been a hot spot for commercial and residential development. About 5 miles from Cassco’s proposed development, a 148,000-square-foot Target and other stores are coming online. About 3,800 homes are being planned as part of the nearby 1,700-acre Rock Creek Ranch, and D.R. Horton plans another 1,000 homes nearby.