News Article | 8/9/2006

Hillwood plans N. Fort Worth development

Fort Worth-based Hillwood is planning a 130-acre mixed-use village in North Fort Worth, integrating residential, retail, office, live/work business homes and preserved natural areas.

The village, called Monterra by Hillwood, will be located across Interstate 35W from the Alliance Town Center, at the intersection of North Tarrant Parkway.

The overall masterplan for Monterra includes more than 1,000 residential and live/work spaces, along with a medical office park, neighborhood retail and restaurant spaces and suburban-style offices with residential space upstairs. The village development will be nestled against preserved natural areas of trails, streams and ponds.

The live/work spaces, similar to those Keller-based Insight Builders Group is developing for Keller Town Center, will be configured so tenants can see clients in a downstairs office and have their homes upstairs. All of the units will be rental units. Insight managing partner Joe Petersen is a consultant on Monterra.

The first phase, which includes 288 apartment homes, will break ground by the end of 2006 with a September 2007 completion date. Final completion of the entire development will depend upon market absorption, but likely will occur in the next four to five years, said Hillwood spokesman David Pelletier.

Hillwood declined to disclose the value of the project.

Amenities available at Monterra will include a large marketing/management/recreation facility, swimming pools, courtyards and play areas. And Hillwood is preserving almost half of the overall development as open space, including nature trails and waterways, as well as planting areas and grazing fields for longhorn cattle and bison.

“We envision the buffalo and longhorns being an icon along I-35W for the southern gateway of AllianceTexas,” said Mike Berry, president of Hillwood Properties. “The open space and trails of Monterra also work well within the new corridor development guidelines that are being proposed by the 35W Coalition.”

The guidelines apply to a 1,500-foot corridor on both sides of the I-35W right-of-way boundary from Meacham Boulevard to State Highway 114. Developed by local developers, property owners and other interested parties, they cover setbacks, landscaping, lighting and signage along the busy corridor.

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