FORT WORTH-Placing a bet on the future, a Dallas-based land speculator has scooped up 205 acres in southern Tarrant County. The going rate for large tracts runs $20,000 to $30,000 per acre.
Acting as FW 205 Partners, Avex Acquisitions Inc. has bought what is predicted to be the next commercial hub in the city's growth pattern from Capital Concepts Properties, a Fort Worth partnership that's been in control of the land at least a decade. The acreage lies along US Highway 1187, but its chief selling point is will take in hard corners for a proposed intersection when Texas 121 is extended. In fact, the land will end up with three hard corners because the proposed road is slated to bisect the acreage, Lester Day with NAI Huff Partners in Fort Worth tells GlobeSt.com. "When this gets done, it will be the hub of this whole area," he predicts, citing a 2010 completion timeframe for the roadwork.
Day has been hired by Avex to market the parcels to multifamily and retail developers although the master plan is still being mapped out. And like anything in the trade, the whole piece is for sale "for a price," he adds.
Avex's land abuts 2,000 acres that the Texas General Land Office bought about six months ago. According to Day, the GLO is looking to co-develop the land with a single-family homebuilder. He says Avex's plan is to be the first out of the ground with high-density commercial and multifamily when the highway work's done.
© 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.