Legacy cattle ranch just west of Fort Worth to become new residential community
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An historic ranch just west of Fort Worth has sold in one of the biggest land deals in North Texas this year.
The Veale Ranch has almost 3,800 acres and sprawls across the border of Tarrant and Parker counties.
The property – only about 11 miles from downtown Fort Worth – has been a cattle ranch owned by the same family since 1935.
The ranch is south of Interstate 20, between Fort Worth and Weatherford.
Back in 2017, Veale Ranch was up for grabs with a price tag of $95 million.
Now the historic property has been purchased by Dallas-based community developer PMB Capital which has large residential projects in the Dallas-Fort Worth area.
“The Veale Ranch represents one of the most unique investment development opportunities in the entire D-FW area,” said real estate broker Rex Glendenning who represented the Veale family in the sale. “This ranch is strategically located near the Fort Worth central business district and will allow for a true mixed use master planned development.
“The ranch adjoins the new proposed Rivian automotive production plant to be located on a portion of the adjacent Walsh Ranch.”
Previous development studies indicated that Veale Ranch could support future development of a community with a population of up to 30,000.
“A large portion of the ranch is located within the highly sought after Aledo School District,” Glendenning said. “This property is keenly positioned for success.”