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Frisco Baxter Brinkmann Sells Off Acreage For New Gated Community
Frisco's Baxter Brinkmann sells off acreage for new gated community
Feb 23, 2015, 6:17pm CST Updated: Feb 24, 2015, 6:05pm CST
Brinkmann Ranch was showcased in five early episodes of the television show Dallas.
Longtime Frisco landowner Baxter Brinkmann has sold parts of his more than 5,500-acre Brinkmann Ranch to a developer who plans to build a gated residential community alongside Coit Road north of Main Street.
According to Collin County deed records, John Landon bought a total of 146 acres of Brinkmann's land in January through various entities, including Bluebonnet BR Development LLC, Craig Ranch Investments LP and Richwood West Land LP.
Landon also has an option to buy another tract totaling nearly 56 acres of land at a later date, which would bring his total acquisition to more than 202 acres. An earlier version of this article stated Brinkmann sold Landon more than 300 acres of land. However, a Brinkmann representative said late Tuesday that there are a number of duplicate deed records because of the way Landon spliced his acquisition.
Real estate sources said Landon paid about $4.25 per square foot for the initial 146 acres, which totals more than $27 million. If Landon pays that same rate on the additional 55.925 acres of land, he'd pay at additional $10.3 million.
All in, Landon would pay more than $37 million to acquire the Brinkmann Ranch acreage, on which he is expected to develop hundreds of high-end homes within a gated community.
Landon, who is founder and owner of Plano-based Landon Homes, did not immediately return phone calls requesting comment. He has built a number of residential communities in North Texas, including Richwoods, a 500-acre gated community in east Frisco, as well as Craig Ranch in Mckinney.
Frisco Realtor Brad Holden said the land deal would pave the way for a gated community much like the popular Richwoods.
"This will really help the growth in Frisco," Holden said. "There's 704 planned homes with two entrances on Coit and El Dorado. People are looking for gated communities. I think these (homes) will go like hot cakes."
Brinkmann Ranch is one of the largest pieces of undeveloped land in Frisco and Brinkmann has — up until now — been one of Frisco's land holdouts. The ranch gained fame when its expansive house was used in five early episodes of the television show Dallas.
The working ranch breeds, trains and races champion horses, has a commercial Black Angus cattle herd and has 2,500 acres earmarked for commercial agricultural uses.
Land is getting more expensive in Frisco, said Jim Riggert, associate managing director at Newmark Grubb Knight Frank.
Riggert said he's seeing asking prices for an acre of land in the so-called Golden Corridor along the Dallas North Tollway reach $325,700, which has quadrupled in the past seven years. Investors were paying about $75,000 an acre in January 2007.
Ted Wilson, a principal at Dallas-based Residential Strategies Inc., said Landon has a history of stepping up and buying high-profile tracts of land and turning them into successful developments.
In the past year, North Texas has added more than 115,000 jobs and the influx of population has fueled a hot demand for rooftops — especially in the northern reaches of the region. The demand has followed a surge of corporate moves and expansions like Toyota Motor Co., FedEx Office, and what could be a new service center for Liberty Mutual Insurance.
By: Candace Carlisle Staff Writer- Dallas Business Journal
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