Northlake only has about 2,397 residents and it perhaps is best known for its speed trap on Interstate 35W between Fort Worth and Dallas.
But the little town is about to get a lot bigger.
A $1.5 billion project known as Pecan Square is underway. The residential community will eventually include 3,000 newly built homes, with prices expected to range from $270,000 to $500,000 or more.
“Pecan Square is one of the largest master-planned communities we have developed in our 25-plus year history. It is in a perfect position to offer a wide variety of home prices in a high-quality master-planned community within a tremendous school district,” Brian Carlock, senior vice president of Hillwood Communities, said in an email.
On Tuesday, Hillwood officials announced they had closed on the purchase and development of 1,157 acres near the southwest corner of I-35W and Farm Road 407, about six miles north of Texas Motor Speedway.
Initial construction is expected to begin in the spring, and homes should be on the market by summer 2019.
“Northlake has a wonderful quality of life,” Carlock said, “and happens to be in one of the highest growth areas in North Texas.”
The initial phase will include 609 single-family homes.