Some locals are still scratching their heads at the plans for Sanger, situated 53 miles north of Dallas, that have unfolded in the past three weeks. "It's exciting," Sanger city manager Jack Smith told GlobeSt.com, "but it's kind of a scary thing to think about all the things to come."
What's coming is a retirement community boasting a five-star hotel with 300 to 400 rooms, three Jack Nicklaus-designed golf courses, assisted living facilities and 7,000 to 7,500 single-family homes. Decisions are pending about retail and possible office components.
While the project looks like a go, Denton County voters will have their say in November if the Commissioners Court approves a referendum to place a necessary $200 million to $210 million bond issue on the ballot. The development plan goes before the commissioners Tuesday.
Smith believes it's pretty much a go, given the economic boon that the plan promises. According to Smith's calculations, the development will generate at least $8 million per year for a town that currently has a $2 million annual budget. Support businesses are as much of a must-have as the bond issue which will be primarily dedicated to road and utility infrastructure. The century-old town has just one grocery store, one motel and its largest employer is the school district, which has a staff of about 100.
Smith says townsfolk have realized for some time that the development in and around Dallas would eventually head their way given the town's positioning along Interstate 35. "Some people have said they are going to get out," he told GlobeSt.com. "People knew it was going to happen some day. They just didn't know when. Now they know when."
Ground is expected to break for the first golf course in November - as soon as voters get their say about the bond issue which will be repaid by an ad valorum property tax.
Smith says the development plan also calls for the 1,180-acre Sanger to annex the proposed 2,700-acre development, which is being pieced together right now by attorneys, brokers, developer Selvin Green of New York City and civil engineer Halff Associates of Dallas. "The city does not desire a development of this size to be sitting outside the city limits," he says with a marked emphasis.
The team presently is negotiating with eight property owners and hopes to close as soon as possible, Gordon Hikel, associate attorney for Hayes, Coffey & Berry LLC in Denton, told GlobeSt.com. Hikel, like Smith, says a lot remains to be decided, including construction timeframes, final development size and supplemental components.
"They're ready to go," says Virginia Williams, who is brokering the land sales. She told GlobeSt.com that the deal was put together in three weeks once Sanger came up on the radar screen of the NYC-based developers, who had been scouting the nation for a likely development site. They wanted near a metroplex; they wanted near an international airport; and now, they want Sanger. "It's been a whirlwind," says the Denton-based Williams and Williams Realty Co. broker.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
