A local real estate investment firm has purchased one of the largest undeveloped tracts in Collin County, and it has plans for a massive mixed-use development.
Old Prosper Partners acquired a 2,452-acre property north of McKinney known as The Colmena Ranch. The deal closed Tuesday.
Old Prosper Partners’ Teague Griffin said he plans for the property to hold millions of square feet of mixed-use space along with thousands of homes and apartments. It’s a long-term project, and development will begin in the next two to three years. The property is in the Celina and McKinney school districts.
Plans will take more definite shape as the firm works with city leaders, Griffin said.
“We’ve been working with the city of McKinney, and we’re going to continue to work with them,” he said. “We’ve got to go through the process.”
Griffin said the firm paid cash for the land. The purchase price and other terms of the transaction were not disclosed. However, it was the company’s largest transaction this year.
The Collin County Outer Loop roadway, now under construction, will split the tract down the middle. The land was previously owned by BFJ Land LLC, according to county tax records.
“It’s a great piece of property, and we’re excited to have it,” Griffin said.
Since 2021, Old Prosper Partners has acquired over 6,000 acres in Collin and Denton counties since 2021. The firm has also sold over 1,000 acres in the counties during the same period.
In 2023, Old Prosper Partners purchased the 1,076-acre Green Meadows property in Denton County. It was one of the largest remaining sites west of Prosper and Celina.
