The 2500-acre Craver Ranch development continues to take shape. Old Prosper Partners provided another update on the project to Denton City Council this week. Craver Ranch will proved thousands of new homes to the area north of Denton and south of Lake Ray Roberts.

Initial plans show that most of the new homes in Craver Ranch will consist of low density and moderate density single-family homes. There are also plans for cottage homes, townhomes and mixed used development. The Craver Ranch development plan includes 474 acres of green space, open space and park land. The developer has also donated several sites for new schools. Craver Ranch will include a trail system connecting different sections and pocket parks within the community.

Variety of Housing Options

Craver Ranch is a master planned development with multiple housing options. Lot sizes for single-family homes include 40′, 50′, 60′ and 70′ products. Smaller cottage homes and townhomes. Pricing will be determined at a later date. Construction is currently set to begin in 2028. It will be interesting to see what mortgage rates look like when the development actually breaks ground.

Initial plans show that Craver Ranch will bring over 9,000 residential units to the Denton and Sanger area. Craver Ranch will include 7091 single-family homes, 584 townhomes, and 1,515 multifamily units. The developer is also funding $3 million for affordable housing.

Craver Ranch Municipal Management District

Craver Ranch is part of a new municipal management district, (MMD). An MMD is a separate political subdivision from the city. It will have the authority to collect property taxes or assessments from property owners within the district. Under current plans, the Craver Ranch MMD is looking to charge assessments rather than collect taxes. The assessments will support infrastructure within the community.

A $5.1 Billion Project

Craver Ranch should be a $5.1 billion project at build out. Craver Ranch will provide roughly $38 million in revenue to the city over 40 years. The project includes $462 million in public infrastructure. In addition to the new housing units, Craver Ranch will bring 1.2 million square feet of new commercial space.

Craver Ranch will create $1.2 billion in new tax revenue. This is a net benefit to local municipalities for one obvious reason. A large percentage of the land in North Denton County (including Craver Ranch) is currently ag-exempt. As a result, the owners are paying next to nothing in property taxes due to Texas’ overly generous “agriculture” guidelines which proved huge tax incentives to property owners who aren’t actually earning a living in agriculture.

The conversion of more ag-exempt land into productive use (and housing) means the property will finally get assessed and taxed at real market value.