Shaddock development arm buys acreage on Frisco’s Brinkmann Ranch for 500-home community

Shaddock development arm buys acreage on Frisco’s Brinkmann Ranch for 500-home community

The development arm of The Shaddock Family of Cos. — Plano-based Shaddock Development Co. — has acquired more than 137 acres of Brinkmann Ranch in Frisco, which will bring more than 500 homes to this part of North Texas.

Terms of the land deal at the northwest corner of Independence Parkway and Main Street was undisclosed. The site was rezoned in November to accommodate development plans.

“We have been interested in developing excellent property in the West Frisco area for quite some time and we have been actively developing subdivisions in the West Frisco market for some time,” Bill Shaddock, one of the partners for Shaddock Development Co., told the Dallas Business Journal.

<p”We are developing the last phase of a seven-phase development in Frisco that has been very successful and this will be a continuation of that,” he added.

Shaddock Development Co. is a partnership between Bill and Peter Shaddock. Bill’s sons William and Andrew also work at the family-owned business. Pat Patman of Patman Realty Co. brokered the land deal.

“Bill and Peter have done successful developments for years and I think this will be another one of those projects,” said Patman, who has been a land broker for the past 40 years and has worked with the Shaddock family over the years.

Construction on home lots are slated to get underway this summer, with lots being delivered to builders by fall 2017. The builder’s include Village Homes, Shaddock Homes and Darling Homes.

The new single-family homes are expected to range in price from the $400,000s to upwards of $1.2 million.

Longtime land owner Baxter Brinkmann has been selling off parcels of his more than 5,500-acre for the past year. Last February, Brinkmann sold a total of 146 acres to home builder John Landon, which is just east of the property sold to Shaddock Development Co.

At the time of the Landon deal, real estate sources estimated Landon paid about $4.25 per square foot for the initial 146 acres, which totals more than $27 million. Landon also has an option to buy an additional 56 acres of the ranch property at a later date.

If Landon pays that same rate on the additional 55.925 acres of land, he’d pay at additional $10.3 million.

And, if the Shaddock’s cut a similar real estate deal, the development company could pay nearly $25.4 million for the 137 acres of land in Frisco.

“We very much like the Independence Parkway market,” Shaddock told me. “It’s two minutes north of State Highway 121 and there are a number of large, brand-new schools within walking distance of the property.

“There’s also a prestige to being part of the Brinkmann Ranch property,” he added.

 

Reposted from Dallas Business Journal

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