UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
   Decker, Richard C.
   2728 N. Harwood
   Dallas, TX  75201
   USA
2. Date of Event Requiring Statement (Month/Day/Year)
   04/01/98
3. IRS or Social Security Number of Reporting Person (Voluntary)
   
4. Issuer Name and Ticker or Trading Symbol
   Centex Development Company, L.P.
   trades in tandem with Centex Corporation - CTX
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   ( ) Director  ( ) 10% Owner  (X) Officer (give title below) ( ) Other
   (specify below)
   President and Chief Executive Officer
6. If Amendment, Date of Original (Month/Day/Year)
   
7. Individual or Joint/Group Filing (Check Applicable Line)
   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person


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 Table I -- Non-Derivative Securities Beneficially Owned                                                                           |
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1. Title of Security                       |2. Amount of          |3. Ownership    |4. Nature of Indirect                          |
                                           |   Securities         |   Form:        |   Beneficial Ownership                        |
                                           |   Beneficially       |   Direct(D) or |                                               |
                                           |   Owned              |   Indirect(I)  |                                               |
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 Table II -- Derivative Securitites Beneficially Owned                                                                             |
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1.Title of Derivative   |2.Date Exer-       |3.Title and Amount     |         |4. Conver-|5. Owner-    |6. Nature of Indirect      |
  Security              |  cisable and      |  of Underlying        |         |sion or   |ship         |   Beneficial Ownership    |
                        |  Expiration       |  Securities           |         |exercise  |Form of      |                           |
                        |  Date(Month/      |-----------------------|---------|price of  |Deriv-       |                           |
                        |  Day/Year)        |                       |Amount   |deri-     |ative        |                           |
                        | Date    | Expira- |                       |or       |vative    |Security:    |                           |
                        | Exer-   | tion    |         Title         |Number of|Security  |Direct(D) or |                           |
                        | cisable | Date    |                       |Shares   |          |Indirect(I)  |                           |
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Option Right to Buy(1)  |____(2)  |7/26/2006|Warrants to purchase Un|1.0593(3)|13.375    |D            |                           |
                        |         |         |its                    |         |          |             |                           |
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Explanation of Responses:
(1) The Plan pursuant to which the reported option was granted empowers the 
Stock Option Committee, in its 
discretion, to allow tax withholding at the time of 
exercise.
(2) Exercisable:  14,000 shares each on July 26, 1998, 1999, 2000, 2001 and 
2002.
(3) Pursuant to a Nominee Agreement dated November 30, 1987, each person who is 
the beneficial owner of 
shares of Centex Corporation ("Centex") Common Stock is also the beneficial 
owner of an undivided interest in 
900 warrants (the "Warrants") to purchase Class B units of limited partnership 
interest in Centex Development 
Company, L.P. ("CDC") at an exercise price of $500 per Class B unit, which 
Warrants are held of record by 
Chemical Bank as successor nominee. Each benefical owner's proportionate 
interest in the Warrants is equal to 
the number of shares of Centex Common Stock he owns divided by the total number 
of shares of Centex Common 
Stock outstanding from time to time. The exercise price for the Warrants will 
be determined at the time they 
become exercisable based on the number of Warrants that are then exercisable, 
the manner in which the 
Warrants are subdivided is at the discretion of the general partner of CDC and 
the humber of shares of Centex 
Common Stock outstanding at that time. The Warrants will be exercisable for a 
90-day period commencing on a 
date to be extended by a vote of the Centex stockholders. Until the Nominee 
Agreement is terminated with respect 
to the Warrants and certificates evidencing the Warrants are issued in the name 
of the beneficial owners thereof, 
the Reporting Person has no right to obtain a certificate evidencing his 
beneficial interest in the Warrants or to 
dispose of the Warrants separate from Centex Common Stock. Computations set 
forth in this Form have been 
made using 59,472,078 shares of Centex Common Stock outstanding as reported in 
Centex Corporation's Form 
10-Q for fiscal quarter ending December 31, 1997.  
SIGNATURE OF REPORTING PERSON
\s\ Richard C. Decker
DATE
May 13, 1998