Developer Hillwood will team up to turnÂ part of the Perot family's Circle T Ranch north of Fort Worth into a 130-acre mixed-use development.Â Â Hillwood said Wednesday that it will build the $1 billion WestlakeÂ project in partnership with Howard Hughes Corp., which owns a section of the land.Â The proposed development on State Highway 114 will include a new 500,000-square-foot office campus for Charles Schwab Corp.Â Â "Schwab caused us to really change the plans for the property," said Mike Berry, president of Hillwood Properties. "They need support development adjacent to their office campus.Â "Our plan is to initiate the development in timing with their office uses," Berry said. "We are focused on adding some retail space, day care and fitness space and a possible hotel. "Â Berry said the Schwab offices will face a small lake on the ranch.
Hillwood is building the Circle T project as part of itsÂ huge AllianceTexas development in north Tarrant County.Â "Developing this mixed-use project at the Circle T Ranch represents a watershed moment in the 27-year history of AllianceTexas," Berry said. "Circle T Ranch offers some of the most beautiful land in North Texas, which makes it a prime destination for companies wishing to establish a presence in this region."Â The Circle T mixed-use campus will be one of the largest projects Hillwood has done in North Texas.Â "This is the first one that has been driven by a major corporate office user with a mixed-use developmentÂ immediately around it," Berry said.
Plans for the whole project include 1.2 million square feet of office space along with adjoining retail and entertainment buildings. There will also be a 200-room hotel and residential communities.Â Development plans also includesÂ land for parks, open space and nature trails.Â Plans released by Hillwood show more than a dozen office buildings andÂ three large residential blocks. Retail buildings are along Highway 114.Â Â Schwab plans to break ground on the first of its office buildings next summer.Â Hillwood and its owners, the Perot family, acquiredÂ the Circle T Ranch in 1993.
-Â Â Â Â Â Â Â Dallas Morning News, August 17, 2016