In 1999, Delbert McDougal announced that McDougal Land would redevelop 325 acres of dilapidated housing located adjacent to Texas Tech University. The neighborhood known as North Overton was one of Lubbock’s earliest housing neighborhoods with the area’s oldest home being built in 1908. Through the years, absentee ownership turned North Overton into a derelict area riddled with high crime. Despite being home to only 2% of Lubbock’s population, North Overton represented 28% of the city’s crime.
McDougal, however, had a plan: reclaim the neighborhood after years of deterioration, complement the growth of Texas Tech University and contribute to the revitalization of downtown. In just ten years, McDougal took an initial $8 million loan and created the largest private residential redevelopment project in the history of the United States. The run-down, crime-filled community once known as North Overton was successfully transformed into Overton Park, a model mixed used urban community of state of the art living, shopping and destination for visitors and conventions.
Overton Park is now filled with mutli-family and single family homes as well as commercial real estate. The once dangerous neighborhood is now a thriving community. McDougal has grown the property value from $26 million in 1999 to $625 million today with expectations for that value to continue to rise to $800 million upon completion.