The apartments in the article were to provide some rental housing for about 8,000 new jobs being established in the GWBT and NC Expressway area. Interestingly, these new apartments (approx. 1,000) are being developed to the east of State Farm........right on the way to Rowlett!!
Folks, this is residential development, not offices or warehouses. They are being built to accommodate the rental market provided by the new workers. They are not being built to accommodate the buyer market.
Rowlett is 15 minutes of nonstop driving from this area. Rowlett is positioned beautifully for the upscale, for sale, residential market. This would be $300,000 and up housing. Rowlett "officialdom" must be absolutely convinced that building for sale housing for 20,000 new job locations 20-30 minutes up the road is simply ludicrous.
Because......our land is zoned office and warehouse. We are saving it up for 30 years to see if we are right, or not. We turned down two $75-$80 million developments in North Shore.
Am I the only one in the room that thinks this is insane?
By the way, our first Form Base Code subdivision is running way behind schedule. I base this on being experienced and involved in several hundred land development deals. In fact, I am involved at the present time in a $40 million development in McKinney that is four times bigger and moving twice as fast.
We can sure pick'em, huh?.