"We are going to just sit tight, hold the property as an investment and see what the market brings us," the spokesman for the Texas General Land Office tells GlobeSt.com. A 204-acre tract on the east side of I-35W, just south of Cabela's 230,000-sf store, has 1,540 feet of freeway frontage. A 158.9-acre tract on the interstate's west side has 3,190 feet of frontage.

Ridge Property Trust and the state struck their deal in June 2006, within 10 months of the GLO buying the dirt for $34.85 million. The plan was to build 3.1 million sf in partnership with a local retail developer. The land, bordering Hillwood's 17,000-acre AllianceTexas was earmarked for industrial, manufacturing, office/showroom and retail space. Kent Newsom, Ridge Property Trust's point man in Dallas, won't go into detail, but did say "we weren't able to get there."

The GLO spokesman confirms the deal was dropped during the feasibility study. He points out that GLO land commissioner Jerry Patterson is an ardent proponent of buying, selling and leasing land to generate revenue for the Texas Public School Fund. Therefore, a ground lease, limited partnership development or even a sale, if the price is right, aren't being ruled out for the prized land. "The driving factor is what's going to make money for the public school fund," he says.