Southlake City Hall

SOUTHLAKE, TX-An undeveloped property in the Solana Business Park has been bought out of foreclosure by a holding company and development subsidiary controlled by West Texas billionaire brothers Farris and Dan Wilks.

The 122-acre tract was sold by Redus Texas Land, a subsidiary of Wells Fargo & Co. that handles its foreclosed properties, says the Fort Worth Star-Telegram.

The family told the paper it plans to build retail and office buildings at the site.

The 900-acre Solana development in Southlake and Westlake was foreclosed on in November 2011 against California-based Maguire Partners. Plans for the development, in conjunction with IBM Corp. date back to 1989, the paper said.

The land is on the north side of State Highway 114 at Kirkwood Boulevard near the Sabre Holdings Campus.

Click Star-Telegram to read the full story.