Edwards tells GlobeSt.com the land was purchased as aninvestment. Billy J. Barcus is the seller of the tract.
Uses for the land in the area will likely be most geared toretail, but the northwest submarket where this property is locatedhas a strong office space market as well. On the retail side, thenorthwest has the most square footage under construction in thecity with seven shopping centers under construction totaling nearly1.4 million sf.
On the office side, the F.M. 1960 submarket currently has 4.2million sf of office space. The submarket has approximate leaserates that run from $17 per sf to $20 per sf. The exact area wherethis tract is located has seen a tremendous amount of newconstruction both in retail and office product.
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