Deal to establish new neighborhood in Denton
Astra Development is pleased to announce that an entity affiliated with its company sold 145 acres of land on the north side of Denton to home builder D.R. Horton. The deal, which closed December 10, will establish a new neighborhood development at the northeast corner of Stuart Road and Long Road called Stuart Ridge. Upon full build-out, Stuart Ridge is projected to be valued at more than $150,000,000.
Stuart Ridge is a shovel-ready project platted for 561 single-family lots just north of Loop 288. In working with the City of Denton, Astra Development has obtained the approval of construction plans and a final plat for 163 lots in the first phase of the development.
“The property’s location in the extra-territorial jurisdiction (ETJ) of the City of Denton created unique challenges in terms of obtaining necessary approvals,” said Justin Bono, founder and president of Astra Development, “but we welcomed the opportunity to put our industry experience to good use in creating solutions that brought this project to fruition. Astra worked closely with the City of Denton on the creation of this development, and are pleased to be able to turn it over to D.R. Horton to carry the project forward.”
Davey Davis represented Astra Development in the deal with D.R. Horton. Kimley-Horn & Associates serves as the land planner and civil engineer for the project.
Astra Development has owned the property that became Stuart Ridge since November 2019 through Denton Stuart Ridge LLC, but has been working on approvals for project for more than two years. Development of Phase 1 is expected to start immediately.
In late 2018, Astra Development sold 91 acres approved for 390 single-family lots to the east of Stuart Ridge to Beazer Homes. Beazer Homes and Trendmaker Homes are anticipated to open the Stark Farms community for sale this month.
Astra Development currently controls more than 1,800 acres for future residential development in various locations across Collin and Denton counties, which are expected to yield more than 6,000 future lots.
acquires land and develops residential projects in the Dallas/Fort Worth Metroplex and other select markets. Astra Development is committed to investing in and developing only quality projects that achieve targeted returns for the company and its investors. To contact Astra Development, please visit the company’s website