Charles Magee, president of CMC Communities Inc., tells GlobeSt.com that the all-in development cost is in a state of flux because the plan's still on the drawing board. But, he's targeting the $215,000 to $265,000 per unit market for the completed product: 1,750 sf to 2,200 sf, creek views and gated access. Magee says the plan is to deliver the first phase in late spring 2006 at the corner of Ferguson Street and Lakeland Drive.
Magee, a single-family developer, says "this just looked like such a good opportunity that I decided to get into townhomes." He's negotiating with the architect and general contractor to get the project moving now that the land sale's done.
Magee bought the acreage from Dallas-based Greenway Investment Co. immediately after it closed on the sale from James S. Johnson, one of nine heirs for the last piece of the John West farm and the largest undeveloped infill tract in the neighborhood. Lou Miranda with United Commercial Realty/ChainLinks Retail Advisors in Dallas represented Greenway in the back-to-back transactions.
"It's an interesting piece," Magee says. "People didn't really pay much attention to it." The land is tucked into a retail and residential corridor about one mile southeast of the Dallas Arboretum and 15 minutes from the downtown.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.