Two investors have purchased 102 acres at the southeast corner of FM 1385 and G.A. Moore Parkway for what will become a mixed-use development.
The sale followed the neighboring sale of 618 acres for the Lantern by Hillwood master-planned development, according to Younger Partners.
'These transactions are the latest in multiple Denton County deals that [Younger Partners Executive Vice President Ben] McCutchin has brokered in recent years around Pilot Point for the estate of his late brother, Gene,' the release from Younger Partners said. 'Last year, he brokered the 260-acre sale at 3497 Berend Rd. in Pilot Point to Dallas-based Talley Land Development for a future home development site. He also brokered the sale of 95 acres at the northeast corner of FM 1385 and Mustang Road to H-E-B LP last year.'
The firm referenced the plans the Texas Department of Transportation has to expand FM 1385 to a sixlane urban road from U.S. 380 to FM 455.
“This road construction will continue to influence the growth of Pilot Point, located at the end of the project,” Mc-Cutchin said. “Pilot Point and the surrounding communities are likely to experience exponential growth in the coming decades.”
The release also cited growth numbers from the city of Pilot Point of exceeding 26%, 'placing it among the fastest growing communities in North Texas,' the release said.
'The late Gene Mc-Cutchin saw the northward movement of development and purchased the land in 2000 for a long-term investment,' according to the release. 'The region is seeing growth in industrial, logistics and retail sectors, creating local job opportunities such as e-commerce, distribution centers and service industries that are expanding northward from Frisco and Denton, according to city of Pilot Point data. Additionally, the Dallas North Tollway expansion and the Denton County Outer Loop projects will improve regional connectivity with access to employment hubs in Frisco, Prosper and Denton, Mc-Cutchin added.”
The neighboring residential project, which is on the northwest side of the intersection of Friendship Road and FM 1385, 'is expected to include approximately 2,000 homesites, parks and open space, regional trail connections, neighborhood- serving retail, multifamily opportunities and a potential site for a future Pilot Point ISD elementary school,' according to the release.
