Younger Partners Executive Vice President Ben McCutchin brokered the sale of the 260.4 acres at 3497 Berend Road in Pilot Point, Texas, for a future home development site.
The Texas Department of Transportation (TxDOT)’s plans call for widening FM 1385 from a two-lane rural road to a six-lane urban road along 12 miles between US 380 and FM 455. This project is part of a larger corridor improvement effort, including the reconstruction and widening of other roads like US 380, FM 2931, and others.
More than 20,000 new housing units are planned within surrounding master-planned communities in a largely unrestrained state regulatory framework, according to the city of Pilot Point’s website. It lists major developments including Bryson Ranch, Talley Ranch, Four Seasons, Pecan Creek, Mustang Ranch, Eland Ranch and Creekview Meadows, as residential projects. According to Esri, Pilot Point’s median home value of $391,685, which is lower than both Frisco at $575,000 and Prosper at more than $700,000.
The buyer of the 260-acre parcel is Dallas-based Talley Land Development. The seller is Gene McCutchin Ltd III, the estate of the late Gene McCutchin. Currently, the land is used for agricultural purposes. McCutchin represented both the buyer and seller in the transaction.
The late Gene McCutchin saw the northward movement of development and purchased the land in 2000 for a long-term investment. 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, McCutchin added.
