WESTLAKE - Part of the Perot family's Circle T Ranch north of Fort Worth is being transformed into a 130-acre mixed-use development by developer Hillwood.
Hillwood said that it will build the $1 billion Westlake project in partnership with Howard Hughes Corp., which owns a section of the land.
The proposed development on SH 114 will include a new 500,000-sf office campus for Charles Schwab Corp.
Hillwood is building the Circle T project as part of its huge AllianceTexas development in north Tarrant County.
The Circle T mixed-use campus will be one of the largest projects Hillwood has done in North Texas.
Plans for the whole project include 1.2 million sf of office space along with adjoining retail and entertainment buildings. There will also be a 200-room hotel and residential communities.
Development plans also include land for parks, open space, and nature trails.
Plans released by Hillwood show more than a dozen office buildings and three large residential blocks. Retail buildings are along SH 114.
Hillwood said development will start immediately.
"We are going to rework the entire lake," Mike Berry, president of Hillwood Properties said.
"We are designing the roads and utilities," he said. "We are talking to initial retail users for this space."
Schwab plans to break ground on the first of its office buildings in summer 2017.