He graduated from Sunset High School in Dallas in 1927 and attended Washington and Lee University, where he received a football injury that prevented his service in World War II.
The company's business was the development of the land recovered by the erection of a flood-controlling levee system.
Stemmons partnered with Trammell Crow in the years following World War II as the growing economy improved the value of the property.
Their partnership ended when Crow's proposed Dallas Market Center project would involve considerable borrowing at the rate of 6% interest.
In the terms of the gift, Stemmons stipulated that frontage roads be added to the project to provide freeway access that vastly increased the value of his property.