Mile High Unveils 490-Acre, Mixed-Use Plan

Mile High's Craig Houdeshell tells GlobeSt.com that the plan is to acquire the land in stages, beginning in the first quarter, from its long-time local owner, the Whitt family. He says Mile High will hold onto 180 to 200 acres for its use and green space and piecemeal sell tracts to other developers for single-family, retail and other commercial uses.

Mile High aired its Whitt Ranch plan in recent weeks to local officials, but has yet to submit a site plan for approval, according to Dan Booth, economic development director for the City of Terrell. "It's not past the talking stage," he says. "I think they have a lot of hurdles to jump."

But Houdeshell is confident that hurdles will be cleared to pave the way for a Q1 start to Mile High's first development in North Texas. He says the plan already has changed somewhat since its initial presentation: no high-density multifamily development and less acreage than the planned 63 for retail projects. Despite the work that lies ahead, he predicts "we will be sticking a backhoe in the ground next July."

Houdeshell says talks began six months ago with the family after Frank Roberts with Landmark Realty Co. in Terrell approached Mile High with the development opportunity for land fronting FM 986, across the street from the high school and about four miles north of US Highway 80. The Mile High exec says the firm's acquisitions team culls through 400 to 600 land deals per week to find the right sites. "We really, really like that area east of Dallas and the Trans Texas Corridor," he says.

With just 25 miles separating Terrell from Dallas, Kaufman County started to become a construction hotbed about three years ago when developers began scooping up large ranches and open land from long-time owners. The bulk of the rising space has been single-family and retail development, narrowing the gap between the country and the city lines.

Houdeshell says it's too early in the game to calculate build-out value, except for Mile High's multifamily development--roughly $30 million for "neighborhood-type" projects with 400 to 425 units per acre. At this stage in the game, he estimates retail land will be hawked for $2.50 per sf to $7 per sf and raw tracts for single-family development at $2 per sf. Parcels with infrastructure in place will go for $3.50 per sf.

Houdeshell says several developers already have approached Mile High about buying a stake in Whitt Ranch. "It's very preliminary. We'll start with the sales team in earnest around Thanksgiving," he says. Mile High's tentative proposal also includes a 35-acre school site; church site; 12-acre park and community center; 60 acres for a hike and bike trail, open space and buffers; and roughly 100 acres for single-family lots.