It’s within the Hunt County Master Plan’s 6,700 acres and a municipal utility district

A massive master-planned community in North Texas just sold off a huge chunk of land for development, bringing it one step closer to establishing an economic hub near the Dallas-Fort Worth metro.

The Hunt County Master Plan is a 6,714-acre tract about 30 miles northeast of Dallas. Arizona-based Walton Global, a national real estate investor and land asset manager, sold the 703 acres to a buyer who wasn’t named.

Essentially the bud of a suburb, the Hunt County Master Plan has established a bond-issuing municipal utility district, and when fully built out, will include residential, retail, parks, schools, offices and industrial.

This MUD was established for a portion of the acreage to facilitate the reimbursement of developers for future costs of infrastructure such as water, sewer, drainage, roads and railways.

The property can be broken into 12 “villages,” according to a presentation given to the Greenville Independent School District this year. The property is off U.S. Highway 380, just west of Greenville and less than 30 miles east of McKinney. It is within boundaries of the Greenville, Bland and Celeste school districts.

Walton, a 43-year-old company specializing in “pre-development land in the path of growth,” has $3.6 billion in assets under management for clients in 83 countries, according to its website. Details of the transaction weren’t disclosed.