A North Texas company with ties to the Fort Worth Urban Village is entering the Bell County real estate market with the sale of 707 acres on the city of Temple’s bustling west side.
The ranch, which includes a 119-acre stone quarry operated by Miller Springs Materials LLC, is located at the southwest intersection of West Adams Avenue and State Route 317, near recently developed retail, homes and apartments. A Dallas real estate firm put it on the market July 9 for $40 million, according to a news release.
Younger Partners Investments Executive Director John St. Clair and Senior Vice President Michael Item said in a statement that the Central Texas land, currently zoned for agricultural use, offers commercial and residential opportunities in a fast-growing Central Texas city just minutes from Interstate 35.
“On-site amenities include a working horse ranch, a working stone quarry and several natural hot springs,” the news release states, “as well as a 4,000-square-foot 19th century home built with stone sourced from the property and renovated in 2015.”
St. Clair said the sellers had held the land for decades.
“Prospective buyers have expressed interest in the property in the past but it has never been listed for sale until now,” he said.
Younger Partners, a separate company related to Younger Partners Investments, manages Artisan Circle, a five-block, 282,805-square-foot urban village at the southeast corner of West 7th Street and University Drive in Fort Worth. Formerly known as Crockett Row, the development includes restaurants, shops, a movie theater, a spa, fitness facility and other businesses.
The land sale comes as Temple’s population is expected to grow 13.4% between 2020 and 2023, the highest growth rate of any city in Central Texas. The city’s population is currently more than 93,000 and is projected to reach 100,000 by spring 2025, according to the U.S. Census Bureau.
“Temple’s growth is moving westward and reaching as far as it can go,” Item said. “Ranch 707 is between that growth and Belton Lake, which is the western edge of the property.”
The site is near new retail and schools in the growing west side of Temple, an area that recently suffered storm damage after a tornado struck the city on May 22.
Mr St. Clair said the land is ideal for mixed-use residential and commercial, both of which are in demand locally.
As Temple expanded west of Lake Belton, residents of nearby housing developments began to complain about quarry operations.
Residents who live about 500 feet from the quarry in Temple’s Lakewood Ranch neighborhood have complained for years about noise, vibrations and property damage caused by the quarry’s operations.
In 2020, Temple City Council considered regulations limiting blasting at the quarry but voted 3-2 against any new restrictions on the operation.
The quarry is permitted for use under the old law, but the lease can be terminated at the discretion of the current or future owners, St. Clair said.
Item said Temple Estate’s strategic location also presented opportunities for the development of a business park with retail and residential facilities.
“It’s about an hour and a half from Austin and two hours from Dallas,” he says. “With rapid growth along the I-35 corridor and improved connectivity between the two cities, this ‘in between’ location could be an ideal base for companies doing business in both cities.”
Mr St. Clair said the property is expected to attract attention from potential buyers.
“Younger Partners is a Dallas-based firm, but has also successfully completed transactions in the Austin area,” he said.
Editor’s note: This story was updated on July 11, 2024 to reflect the differences between two Dallas companies with similar names.
Eric E. Garcia is senior business reporter for The Fort Worth Report. He can be reached at eric.garcia@fortworthreport.org. The Fort Worth Report makes news decisions independent of its board of directors and funders. Read more about our editorial independence policy here. here.
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