Ground was broken on the North Texas Municipal Lake dam. The reservoir, set to cost $1.6 billion, is the first major North Texas Municipal Water District (NTMWD) project in almost 30 years. The NTMWD was founded in the 1940s by 10 small communities – Farmersville, Forney, Garland, McKinney, Mesquite, Plano, Princeton, Rockwall, Royse City, and Wylie — to create a unified water source to support their fast-growing communities. In addition to providing an important source of water, the new lake is also anticipated to provide a host of recreational opportunities, as well as habitat for wildlife — another potential boon for developers.
Today, the water district serves 13 cities and 1.7 million residents, a number that’s expected to double over the next 50 years. The 90-foot dam will create the new 16,641-acre lake capable of storing 367,500 acre-feet of water (120 billion gallons). Construction should take three years. Operation is anticipated to being in 2022, counting on two years of rainfall to fill the lake to an operation level. After double-digit percent price gains in recent years, North Texas home appreciation has slowed significantly in recent months.