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.
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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
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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 . Plans to start
construction when Highway 114 alingment has been settled.
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