(Read more on the multifamily market.)
ENNIS, TX-Fate Investments of North Texas will break ground in 120 days on the first residential units for a 42.6-acre tract beside the recently opened Ennis Regional Medical Center. The 150-unit first phase of the as-yet unnamed project will take up 10 acres in the Ellis County city.
This summer's delivery of the 45-bed Ennis Regional, an affiliate of Brentwood, TN-based Province Healthcare Systems, is being credited with jump-starting the land sale to Fate Investments of Lancaster and interest in a 32.5-acre tract that wraps around the hospital at 803 W. Lampasas St., according to Don Davis and Brian Hess, marketing associates for Hi View Real Estate of Waxahachie. Situated 35 miles south of Dallas, the Ennis land adjacent to the hospital is reserved for medical office pad sites and a hotel.
Hess tells GlobeSt.com that build-out for the balance of the residential land could include senior housing and multi-plex rental units. "The city is flexible as to how we bring in that blend," he says. The Hi View team isn't saying what Fate paid for the site, but it had been on the market for 80 cents per sf to $1.95 per sf.
Hess says Fate Investments of Lancaster will deliver the first wave of multifamily units within 18 months of the construction start. The residential land is zoned for a 15-unit per acre density.
"This is the new side of town," Hess explains, pointing to the hospital, 30,000-sf surgery center, new city complex and schools all within 1,000 feet of the development sites along the US Hwy. 287 bypass and Medical Center Drive, which is to be extended. The Hi View team represents the Holubar family of Ennis, who is seeking $3.65 per sf for the entire mixed-use tract or $6 per sf to $8 per sf for pad sites.
Because the development plan is in flux, Hess says there's no way to pinpoint the build-out value. "The ending value depends on the blend that we get from our users," he adds.
Ennis joins the roster of fast-growing North Texas towns. According to city stats, there have been 1,008 jobs created in the city in the last 120 days. The activity is the result of the 380-acre Ennis Industrial Rail Park, which has attracted distribution hubs for names like National Envelope Corp. of Uniondale, NY, San Diego-based Petco Animal Supplies Inc., Sterilite Corp. of Townsend, MA and Mooresville, NC-headquartered Lowe's Cos. Inc.
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