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Projects and Objectives 1990 1990 PROJECTS (1) Compile and input via computer all available developed commercial and industrial sites available in Southlake. This project will be very time consuming to get the necessary data together. However, this is the type of information prospective users are interested in when making an inquiry to explore relocation possibilities to our City. The SEDC plans to check with both the University of North Texas and the University of Texas at Arlington about getting their help in compiling the data. Once data is ob- tained it will be stored in SEDC computer files and kept current for use in responding to inquiries. This project could take several months to complete and, as yet total cost are not known. An example of the type and format of information to be maintained is attached. (2) Continue to work with the City, County, and State to be certain that FM 1709 stays on schedule. As can be noted from the consultants study lack of a thoroughfare plan was one of the City's liabilities. The completion of the FM 1709 project will have a very favorable economic impact for the City of Southlake, and it is very important that we stay on top of this issue. (3) Look at the feasibility of developing and producing a marketing brochure targeting realtors and prospective quality developers, builders, and homeowners to build and locate their homes in Southlake. (4) Work with City Council, Appointed Committees, and City Staff to develope sewer service to the City. One of the major negatives for attracting industry to our area is lack of adequate sewer service. With all of the development planned currently it is vital that the City ensure the fastest progression of sewer service via proposed developments. Sewer service is an absolute must for the development of a good commercial and industrial tax base. As can be seen from information prepared last year pertaining to the reduction of lot sizes and sewer development much can be done with the development of sewer on the south side of town. The information prepared in August, 1988 identified the three most likely tracts of land out of eleven to develope first. Today all three of these tracts are in the process of developing or they are very close. \ \\ \ Denton County . . . s City Limits — \ \ A• \ \ GP \\\\ •c4 • rn / ' 2 a> C / s ra /. : ti^ / / c / • / N 0 400' 800' • SITE NUMBER 1 SIZE OF SITE Total 105.09 acres; Lot A. 86.84 acres; Lot B. 18.25 acres LOCATION Northeast Grapevine; North of Anderson-Gibson Road TOPOGRAPHY: LEVEL X ROLLING SLOPING ZONING Planned Industrial District CAN IT BE SUBDIVIDED yes RAIL SERVED: YES NO X DISTANCE 21/2 miles GAS MAIN SIZE can be made available WATER MAIN SIZE can be made available SEWER MAIN SIZE can be made available OTHER PERTINENT SITE DATA FM 2499 will be a 4-lane road. Construction on FM 2499 will begin in June, 1989 and is due to be completed in June, 1991. Lot detail reflects multiple ownership. Acreage is exclusive of roadway. CONTACT: City of Grapevine Department of Economic Development P.O. Box 729 Grapevine, Texas 76051 (817) 481-0400 - arsogitt4ruksy M"'7!fr Patid44,416 iW4.asw,e4w'•'e-Mu... va 1,. I , Qa rn rn oyoc 2 oco •• QcU •• c • cs • 46'• ;• • • f • • i •1 I• , A • 2 ,m 1. c (1, m ' • DFW Airport o eoo� �soo SITE NUMBER 15 SIZE OF SITE Total 294 acres; Lot A. 16.91 acres; Lot B. 130 acres; Lot C. 114 acres; Lot D. 33.06 acres LOCATION Northeast Grapevine TOPOGRAPHY: LEVEL X ROLLING X SLOPING ZONING Hotel Corporate Office CAN IT BE SUBDIVIDED yes RAIL SERVED: YES NO X DISTANCE 11/2 miles GAS MAIN SIZE 4 inch WATER MAIN SIZE 12 inch • SEWER MAIN SIZE 12 inch OTHER PERTINENT SITE DATA Will be bisected by FM 2499(4 lanes),which will begin construction in June, 1989 and III be completed in June, 1991. State Highway 121 will be expanded to a 6-lane divided highway.Construction will begin i in April, 1989 and will be completed in 24-30 months.State Highway 26 will be expanded to 6-lanes.Construction will begin October, 1990 and will be completed October, 1991.Acreage is exclusive of highway. Lot detail reflects multiple ownership. CONTACT: City of Grapevine Department of Economic Development REDUCTION OF LOT SIZES / SEWER DEVELOPMENT The residential development of any city depends on a developer being able to acquire land at an affordable price, do the necessary improvements as required by the city, and then sell lots at a price sufficient to pro- duce the necessary profit margin. As the price of land increases over time there will be a point at which large lots (1 acre & up) are not affordable. That point has arrived in Southlake! The following comparison using a 148 acre tract of land was prepared by Joe Lipscomb, an experienced real estate developer: EVALUATION OF LOT SIZES Hypothetical Tract Size - 148 Ac. Approximately 3190 x 2020 Lot Sizes 9,600 S.F. 15,000 S.F. 1 Acre 'typical dimensions 80 x 120 100 x 150 150 x 291 Number of Lots 536 342 130 Density - D.U./Ac. 3.62 2.31 0.88 L.F. of Street Required 25,025 21 ,055 13,115 L. F. of Street per lot 47 62 101 On Site Construction Costs Site work and clearing 50,000 50,000 50,000 Water 350,350 294,770 183,610 Sanitary Sewer 450,450 378,990 236,070 Storm Drain 250,250 210,550 131,150 Streets 1 ,751,750 1 ,473,850 918,050 Gas 137,638 115,803 72,133 Underground Electric 300,300 252,660 157,380 Inspection Fee 84,084 70,745 44,066 Plat Fee 145,120 92,740 35,500 Engineering 268,000 188,100 97,500 Landscaping 150,000 150,000 150,000 Off Site Construction Costs Sanitary Sewer 300,000 300,000 300,000 Storm Drain 100,000 100,000 100,000 Refunding Contract Sewer <30,000> <30,000> <30,000> Boundary Street 178,640 178,640 178,640 Inspection Fee 17,359 17,359 17,359 Development Costs - Non Construction Land Costs 4,440,000 4,440,000 4,440,000 Closing Costs 107,200 68,400 26,000 Promotion and Advertising 250,000 250,000 250,000 Subtotal 9,301,141 8,602,607 7,357,458 Interest and Taxes 1 ,910,048 1,766,600 1 ,510,900 TOTAL 11,211,189 10,369,207 8,868,358 Average Cost per Lot 20,916 30,319 68,218 Projected Sales Price 26,145 37,899 85,273 Evaluation of Lot Sizes A rectangular tract of land and a rectangular layout was used to simplify the calculations and make the comparison more straight forward. The size of 148 acres was chosen because at that size all three sizes of lots can be layed out with minimum waste. Most layouts would not achieve the densities shown for their respective lot sizes. Basis for Calculations - On Site Construction Costs Site work and clearing - Clearing necessary for surveying, removal of any existing structures and cross fences, draining and placing compacted fill in any stock tanks or major depressions - Lump Sum- $50,000. Water lines, valves, fire hydrants, concrete blocking, lot services and connection to the existing system - $14.00 per linear foot of street. Sanitary sewer lines, manholes, cleanouts, lot services and concrete encasement - $18.00 per linear foot of street. Storm drain piping, inlets, headwalls, manholes, channels and necessary grading - $10.00 per linear foot of street. Street excavation, suhgrade preparation, curb and gutter and semi- permanent barricades and pavement - $70.00 per linear foot of street. Gas piping per Lone Star Gas - $5.50 per linear foot of street. Underground electric and street lights by Texas Utilities an allowance of $12.00 per linear foot of street. Inspection Fee - 3 X of the cost of water, sanitary sewer, storm drain Ind streets. Plat fee of $150.00 plus $10.00 per lot for the preliminary plat and $250.00 plus $260.00 per lot for the final plat. Engineering fees allow for certain fixed costs such as boundry survey, drainage calculations and plat preparations by use of the following scale: 9,600 sq.ft. lots $500.00 per lot, 15,000 sq.ft. lots $550.00 per lot and 1 acre lots $750.00 per lot. (These fees if converted to cost per linear foot of street would be 9,600 sq. ft. lots $9.78 per linear foot, 15,000 sq.ft. lots $8.14 and 1 acre lots $6.09 per linear foot) Entrance and boundary landscaping and fencing would be the same for each size lot - Lump Sum - $150,000 Basis for Calculations - Off Site Construction Costs Sanitary Sewer - 12,000 linear feet of 8" sanitary main including standard manholes, stubouts, street and highway bores, extra depth for main and manholes, concrete encasement and metering manhole - $20.00 per linear foot; plus oversizing main and additional extra depth to provide service for other property in the drainage area - $5.00 per linear foot. Storm drain costs are extremely variable. The cost of $100,000 was chosen as an amount that could be feasible for a project of this size. Refunding contract income estimates that there would be a 10% return of the total investment during the refund period. Boundary street cost was calculated for the construction of one 24 ft. paving width along one side of the property - $56.00 per linear foot. Inspection fee - 3% of the cost of sanitary sewer, storm drain and street. For this evaluation it was assumed that water and gas were adequate to serve the property. Basis for Calculations - Development Costs - Non Construction Land costs: 148 acres @ $30,000 per acre = $4,440,000 Closing costs: Title company fees of $200.00 per lot. Promotion and advertising budget $250,000 (This translates to 2.2% of the total cost for 9,600 sq.ft. lots, 2.4% for 15,000 sq.ft lots and 2.8% for 1 acre lots.) Interest and taxes were calculated as 152 of the subtotal of costs amortized for 2'1 years. Projected Sales Price was calculated as 25% markup on the total cost of the lot. Planning, construction and sales time was estimated to be 22 years for an annual rate of return of 10% on the total cost of the lots. As can be seen from a review of the cost factors involved yield or profit changes drastically with a change in lot size. In recent weeks the City Council has approved the lot reduction to 20,000 sq. ft minimum, down from the previous 1 acre. This is certainly a major step in the right direction in making Southlake a more affordable city in which to live, as well as making development more attractive. How- ever, don't expect a large influx of developers ready to move dirt. There are many other things to consider which brings us to the subject of sewer development. From a review of a map of the city (contained in another section of this report) showing 11 major tracts of land that could be developed, it is fairly apparent that only 3 have an immediate possibility of development. This is because of access to the major sewer trunk lines located in the city. Tracts, 2, 3, and 4 are those 3 tracts of land. Tract 2 is owned by Larry Cole Companies and is 135 acres. Located at the corner of White Chapel Road and Continental Blvd. this tract of land stands the best chance of being developed over the next 2-3 years. Tract could produce in the area of 125 lots. Tract 3 is the second most likely property to be developed over the next 4-7 years, and represents the largest economic impact to the city. Owned by Wright Development it is 800 acres and is bounded by Highway 26 on the south, White Chapel Road on the west, Continental on the north, and Brumlow on the east. The possibility exists within the tract of land to be a very quality type of residential development. This tract would also go a long way in ad- vancing sewer lines north toward Continental Blvd. and make sewer affordable to other parts of the city. Tract 4 contains 220 acres and is located at 1709 and Peytonville Road. Owned by Belguim American Properties it would help advance sewer well into the city making it possible to provide sewer to other areas. The fact that we now have 1/2 acre lot zoning in the city certainly doesn't mean we are going to have people hooking up to the sewer rapidly. As can be seen by a review of the map referred to earlier, the development of the sewer in'Southlake is likely to start on the south side of the city and progress northward. And this can only occur if the land spoken of earlier can be developed profitably in 1/2 acre lots. Otherwise, it could be years before the development of the sewer takes place in Southlake. Yet, as citizens we will have to pay for the expense of the main trunk lines already in place. Whithout development, that can only produce higher taxes. 1 ) IBM/MAQUIRE THOMAS PARTNERS 900 Acres-Highway 114 and Kirkwood Blvd . Located in the cities of Southlake and Westlake : Office/Retail use for project . Master Plan calls for approximately 7 , 000 ,000 square feet of total space, with 3 ,000 ,000 allocated for use by IBM Corporation and the remaining 4 , 000 ,000 for other office and retail use. Completed construction at this time includes 375 ,000 square feet of building in Westlake for IBM. The Village Center. Complex includes 300 ,000 square feet of speculative office space and 40 ,000 square feet of retail space . Marriott Hotel is scheduled to start construction of a 200 room hotel , Chili ' s restaurants will be opening a facility in the Fall , and a health club will be built in conjunction with the construction of the hotel . Approximately 300 acres remain in Southlake for development by major corporate tenants who desire is an open campus type facility. When this project is completed there will be about 15 ,000 employees working there . 2 ) LARRY COLE COMPANIES 135 Acres-Southwest corner of White Chapel Road and Continental Blvd. Preliminary plans propose a residential development of approximately 125 lots ranging in size from 20 ,000 square feet to 40 ,000 square feet . Project will be similar in scope to other Larry Cole projects (Woodland Hills , Monticello, Tara Plantation) , with large spacious homes ranging in size from 3,000 - 5 ,000 square feet . 3) WRIGHT DEVELOPMENT 800 Acres-Area bounded by Highway 26 on the South, White Chapel on the West , Continential on the North and Brumlow on the East Preliminary plans call for the vast majority to be developed as residential . Part of this property is located in the flood plan of Bear Creek and therefore could be used for some type of recreational purpose such as golf course or park/greenbelt area . Wright Development has developed many other residential project in Northeast Tarrant County area . (Oak Creek, Trail Lakes , Meadow Oaks) 4 ) BELGUIM AMERICAN PROPERTIES 220 Acres-FM 1709 and Paytonville Road Property is currently zoned for residential use except approximately 15 acres along FM 1709 which is zoned Retail/Office . Intended use is to develop a residential subdivision with some commercial property at entrance on 1709 . Plans have been delayed until smaller lot size is approved for area . 5 ) BELGUIM AMERICAN PROPERTIES 174 Acres-Northside of Highway 114 , East of Carroll Road Current zoning is agriculture, but intended use is mixed commercial . Property is located in "B" zone noise zone. 6) JOHN DREW COMPANY 27 Acres-FM 1709 and Davis Blvd (Southeast corner ) Zoning is retail . Planned use is a retail shopping center with major supermarket , and possibly a major reatil store (Wal -Mart , Kmart or others . ) Total size of project will be approximately 200 ,000 square feet . Construction will begin when FM 1709 is completed. 7 ) COMMERCE BUSINESS PARK 55 Acres-Commerce Street and Southlake Blvd Property is zoned industrial . Park contains one 100 ,000 square foot office/warehouse, one 10 ,000 square foot office/warehouse. This property has all utilities including sewer . A 2 story office building of approximately 20 ,000 square feet is planned for corner of Southlake Blvd. and Commerce Street . 8 ) WATSON AND TAYLOR COMPANY 112 Acres-Highway 26 Located in the cities of Southlake and Grapevine . Current zoning is industrial . Property is located next to railroad track . Main acces to be from Highway 26 with secondary access from Continental Blvd . Owner has plans to sale small tracts of property to industrial users . 9) GUMP PROPERTY 156 Acres Located on Northside of Highway 114 with some frontage on Carroll Road North of elementary school . Current zoning is agricultural . Owners conceptial plans call for a high quality mixed use development with higher use retail/office/hotel on front and office/distribution use at Northern end of project . 10) FECHTEL FARMS/WILLIAMS •• Property , 128 Acres Located between Highway 114 and FM 1709 and Carroll Road. Current zoning is agriculture, owner feels that this property can be the central business district for Southlake with major shopping and office use. Property is large enough to attract major developers for retail mall use. 11 ) HENRY S MILLER COMPANY 27 Acres-Highway 114 , Carroll Road, Highland Road Current zoning is retail and owner plans call for a retail center with major supermarket , major retailer and restaurants . 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