A developer has acquired nearly 630 acres for a project that is planned to bring more than 1,700 homes to Fort Worth, Texas.
Centurion American Development Group said Rio Claro, near Morris Dido, Newark and Bonds Ranch roads, will feature homes by D.R. Horton, Coventry Homes, First Texas Homes and HistoryMaker Homes.
The seller of the land Centurion purchased was PMB Capital. Terms of the deal were not disclosed.
While Dallas-Fort Worth is the nation's third-fastest-growing metropolitan area, a third-quarter report from the Residential Strategies consulting firm indicates the North Texas homebuilding market is in a slump.
Housing starts and sales are down, but Centurion says it won't turn over the first Rio Claro lots to builders until early 2027. By that time, analysts say, the market should be well into a recovery.
"As market conditions improve after this lull, I fully expect to see DFW back as a national housing start leader," Ted Wilson, principal at Residential Strategies, told Homes.com last week in an email.
In connection with Rio Claro, Centurion said it's working with the city of Fort Worth, Tarrant County and local transportation officials to improve roads and traffic flow.
Centurion, based in Farmers Branch, Texas, is linked to projects across the Lone Star State, including the adjacent Estates at Eagle Mountain. That 836-acre development has 1,126 home lots.