TERRELL, TX-A Dallas developer, known for large-scale, mixed-use projects, has picked up 519 acres in Kaufman County, carving out an estimated 55 acres for retail build-out. The development is still in the early planning stages.
Land Advisors Ltd. got control of acreage at the intersection of US Highway 80 and Spur 557 on the outskirts of Terrell--a city best known for star resident Chuck Norris--to develop the Parks. Land Advisors' executives say it's too early in the game to discuss the plan. According to local sources, the Parks' land will be carved into an estimated 1,500 single-family lots with 55 acres dedicated to retail use and roughly 60 acres set aside for an active seniors development.
Land Advisors picked up a land option held by D2 Development of Dallas, led by David Davis. Comparable land in the area, which is 32 miles east of Dallas, runs from $7,000 per acre to $12,000 per acre. Rick Ellis with Henry S. Miller Commercial in Dallas represented D2 Development in the option sale to Land Advisors while Samuel Chenault, an independent broker, negotiated terms for the local land sellers, Wylie Musser and William Bedrick.
Ellis tells GlobeSt.com that negotiations took a year. The land mass includes nearly two miles of frontage along US Highway 80. Infrastructure construction, he adds, could begin in early 2006.
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