15.6013 acre development opportunity in rockwall, … · 2018. 6. 22. · rockwall, which is...

JORDAN CORTEZManaging Principal

214-556-1951 [email protected]

JUSTIN TIDWELL Director


MASON JOHN Associate


SETH DAMROWFinancial Analyst

[email protected] Rockwall, Texas 75032

15.6013 Acres

FOR SALE 15.6013 ACRE DEVELOPMENT OPPORTUNITY

DEVELOPMENT OPPORTUNITY IN ROCKWALL, TEXAS

N

Lake Ray Hubbard

Springer Elementary

School

Rockwall Indoor Sports Expo

Rockwall Lake

Rainbow Lake

Rise Road

Lofland Circle

Hwy 205 / Golia

d Street

Rockwall Fire Station #4

Rockwall Market Center

Rockwall High

School

Mims Road

Plaza at Rockwall

The Harbor

15.6013 Acres

205 Business Park

HICKORY RIDGEHome Prices up

to $275k

DEVELOPMENT OPPORTUNITY | ROCKWALL, TEXAS | 2

15.6013 ACRES | ROCKWALL, TEXAS

INVESTMENT OVERVIEWProperty 15.6013 Acres (679,593 Square Feet)1

Location Latitude: 32.890449 Longitude: -96.4364092

Asking Price $1,500,000Asking Price per Square Foot $2.21Asking Price per Acre $96,146Access State Highway 205, Lofland Circle, & Rise DriveFrontage Approximately 600 ft. on SH 205, 400 ft. on

Lofland Cir., and 800 ft. on Rise Dr.Utilities Available to the SiteZoning "C - Commercial District”

"AG - Agricultural District"Appraisal District Property ID 112971Acreage shown is per survey available in the online data vault

2Site does not have a physical address per the Rockwall Central Appraisal District. To locate the site use the address 3600 SH 205, which is the portion of SH 205 in front of the site.

TAXING ENTITIES AND MILL RATESTaxing Authority 2018 Tax Rate102 City of Rockwall 0.4236199 Rockwall County 0.3498901 Rockwall ISD 1.4400Total 2.2134Per the Rockwall Central Appraisal District

15.6013 Acres

DEMOGRAPHICS 0-1MI 0-3MI 0-5MIEst. Population 6,614 31,980 69,7995-Yr. Est. Population Growth 1.79% 2.48% 3.95%Avg. Household Income $83,841 $107,836 $114,137Median Value ofOwner-OccupiedHousing Units

$174,817 $238,716 $239,424

Per Site To Do Business based on 2017 data



Excellent Location: The approximately 15.6 acre site (“Site”) is strategically located 1.5 miles south of Interstate 30 (“I-30”) off of State Highway 205 (“SH 205”) (South Goliad Street) across from Springer Elementary in the rapidly growing City of Rockwall, which is located in Rockwall County, TX. The Site is ready for development as it is mostly clear of trees and has access to water and sewer lines. The Site has approximately 600 feet of frontage along SH 205, one of the main north-south thoroughfares in Rockwall, and has two other access points from Rise Road and Lofland Circle. Rockwall is ideally positioned along the I-30 corridor, only 20.4 miles from the Dallas Central Business District, which has continued to see a tremendous volume of development in recent years with numerous retailers/eateries, including Costco, Walmart, The Home Depot, Target, Gloria's Latin Cuisine, On The Border Mexican Grill & Cantina, Saltgrass Steak House, Sushi Box, The Oar House, and more. The Site is surrounded by both established and new upper-end residential neighborhoods with homes ranging from $230,000 to $399,000. The Site is also adjacent to the Rockwall Indoor Sports Expo, a 100,000 square-foot facility for athletic and recreational activities, and is approximately 1.3 miles south of the planned Rockwall College and Career Academy located along John King Boulevard that is expected to be completed in Fall 2018 and will maintain up to 1,000 students daily.

Zoning: The Site currently has dual zoning with the majority of the Site zoned “AG - Agricultural District” and a portion at the intersection of Rise Road and SH 205 zoned “C - Commercial District” with a future planned land use of “Commercial/Industrial” per the 2014 City of Rockwall Future Land Use comprehensive plan. The Commercial District zoning allows for the development of most commercial uses such as retail, office, medical, hotel, restaurants, as well as other uses. The Agriculture District zoning allows for single family dwellings on no more than ten acres and no less than one acre. A full list of permitted uses can be found in the City of Rockwall Unified Development Code in the Code of Ordinances Article 4 Section 1.1, as well as in our online data vault. The City of Rockwall indicated that they are open to modifying the existing zoning for the right development plan; the site lends itself to a variety of uses due to excellent demographics, proximity to I-30, and abundant linear frontage along SH 205.

Population, Demographics, & Traffic Counts: Traffic counts along SH 205 are close to 20,000 per day. Average household income in Rockwall is $107,836 while the median home values top $238,716 within a 3-mile radius of the Site. From 2010 to 2017 Rockwall population grew 18.84 percent to a total population of 44,819 and is projected to grow an additional 13.87 percent by 2022 to reach a population of 51,036.

INVESTMENT HIGHLIGHTSHighway Expansion: The SH 205-Phase III expansion is a $135 million construction project that will widen the road just north of the Site to US 80 from a 2-lane to a 4-lane urban divided roadway with allowance for another expansion to 6-lanes. The Rockwall County Planning Consortium Report states that they will begin to receive bids for the SH 205 expansion in November 2022. In addition to the SH 205 expansion, John King Blvd. will be undergoing an extension from SH 205 further south to Horizon Rd., creating a major intersection 0.2 miles south of the Site which should in-turn drive higher traffic counts in front of the Site.

Growing Dallas/Fort Worth Economy: The Dallas/Fort Worth metro continues to be one of the strongest in the nation, experiencing exponential growth both in terms of population and jobs. The US Census Bureau reports that the DFW metro is the largest gaining metropolitan area in the US, adding 146,238 people from 2016 to 2017. Current population for the DFW Metroplex totals 7.4 million people which ranks fourth in the nation among metro areas. The Bureau of Labor Statistics states that the DFW metro added 96,000 jobs from 2017 to 2018. The current unemployment rate is 3.4 percent as of April 2018, 50 basis points below the national average of 3.9 percent.

Hwy 205 / Goliad Street

15.6013 Acres

Rise R

oadLofland Circle



15.6013 Acres

N

Lake Ray Hubbard

Rockwall Indoor Sports Expo

Rise Road

Lofland Circle

Hwy 205 / Goliad Street

Rockwall Fire Station #4

Mims Road

Plaza at Rockwall

Springer Elementary

School

Rockwall Ford

Lakeside Chevrolet

Toyota of Rockwall

John King Blvd

Utley Middle School

Rockwall College and

Career Academy

205 Business Park

Jones Elementary

School

Baylor Emergency Medical Center

Fenton Nissan of Rockwall

Southwest KiaHonda Cars of Rockwall

Clay Cooley Hyundai of Rockwall

HICKORY RIDGEHome Prices up

to $275k

MEADOWCREEK ESTATESHome Prices up to $275k



AREA OVERVIEW

Conveniently located along Interstate 30, Rockwall has experienced significant population growth over the past several years as the Dallas/Fort Worth Metroplex continues to experience rapid expansion. Rockwall is located approximately 30 minutes northeast of Downtown Dallas and is ideally situated along the east side of Lake Ray Hubbard. Despite its close proximity to Dallas Rockwall maintains a charming and relaxed atmosphere, complete with friendly communities and highly-rated schools.

Residents enjoy a number of local attractions and events that include the following:

Lake Ray Hubbard – Spanning 22,000 acres, Lake Ray Hubbard is one of the largest lakes in the DFW metro. The lake is a well-known destination for fishing, water skiing, and boating. There are also several parks and beaches around the perimeter, perfect for hiking, biking, or other outdoor activities.

The Harbor Rockwall – This premier mixed-use development features numerous boutique shops, restaurants, and Class A offices, in addition to a splash pad, fountains and docks to park boats while enjoying dinner. This highly-visible development can be seen when crossing over Lake Ray Hubbard on I-30. A glamorous Hilton hotel and a Cinemark Theater can also be found nearby.

Rockwall Indoor Sports Expo – The 100,000-square-foot facility located along Highway 205 adjacent to the Site provides facilities for a variety of athletic and recreational activities, including playing fields and courts, a tiered viewing area for spectators and a food court. The facility caters to leagues and tournaments, special events, and open play for children and adults.

The City of Rockwall has an estimated population of 44,819 as of 2017, having grown 18.8 percent since 2010 and 112.5 percent since 2000. The median household income within the City of Rockwall is $86,627, and home prices within close proximity of the Site range from $230k to $399k. Rockwall County has a population of 96,788 as of 2017, a 23.5 percent increase since 2010, making it one of the fastest growing counties in the state.

Lake Ray Hubbard

The Harbor

Rockwall City Hall



DFW HIGHLIGHTS

• The DFW area has a well-diversified economy that ranks fourth in the nation with a gross metro product of $577.5 billion in 2017, representing a 5.9 percent increase over the previous year.

• The DFW unemployment rate is an outstanding 3.4 percent as of April 2018 which compares favorably to the national rate of 3.9 percent.

• The DFW metro has an estimated population of 7.4 million people which ranks fourth in the nation among metro areas and is projected to grow to a population of 10.5 million by 2020.

• Twenty-two of the Fortune 500 companies are headquartered in DFW.

• The metro area has experienced a substantial amount of announced corporate relocations and expansions in the past several years from firms such as: State Farm Insurance, Toyota Motor Co., Omnitracs, Santander Consumer USA, Tenet Healthcare Corporation, Kohl’s, AT&T, Blue Cross and Blue Shield of Texas, USAA, Google, Amazon, Jamba Juice, and Paycom, Liberty Mutual, Charles Schwab, Pioneer Natural Resources, and JPMorgan Chase.

• DFW Airport is the fourth largest in the world in terms of operations and 11th largest in terms of passengers. The total estimated economic output of DFW airport is $37 billion and is currently undergoing a terminal renewal and improvement program at cost of $2.69 billion.

• Recent rankings and awards received by DFW include the following: America’s #1 Most Business Friendly City, Top 3 Metro in Job Growth, and #5 Top Emerging Real Estate Markets in 2018.

The Site is located in the City of Rockwall and Rockwall County, Texas, which is in turn part of the Dallas-Fort Worth-Arlington Metropolitan Statistical Area (“DFW”). DFW encompasses 13 counties in North Texas, with the Site being in Rockwall County. DFW has a population of 7.4 million, making it the fourth largest population center in the country.

Dallas

Fort Worth



ECONOMIC OVERVIEW

The Dallas-Fort Worth Metroplex currently ranks as the fourth largest economy in the nation, with a total Gross Metro Product of $577.5 billion in 2017, a 5.9 percent increase over the previous year. DFW Also ranks fourth in the country for its number of Fortune 500 companies, currently standing at twenty-two and has seen many corporate relocations and new headquarters constructed in recent years. Among the industries currently present, DFW contains a large Information Technology industry base (often referred to as the Silicon Prairie or the Telecom Corridor), owing to the large number of corporate IT projects and the presence of numerous electronics, computing and telecommunication firms such as Texas Instruments, HP Enterprise Services, Dell Services, Nokia, AT&T, Alcatel-Lucent, Ericsson, and Verizon in and around Dallas. In addition, several major defense manufactures, including Lockheed Martin, Bell Helicopter, Textron, and Raytheon, maintain significant operations in DFW.

The Dallas-Fort Worth-Arlington MSA supports approximately 3.6 million jobs, making it one of the largest economic centers in the nation. This MSA experienced a 2.8 percent increase in employment from between 2017 and 2018, representing approximately 96,000 new jobs. DFW emerged relatively unscathed from the recent recession and gathered momentum quickly after the recession, allowing the MSA to quickly pass its pre-recession employment peak. This quick recovery, combined with the DFW’s impressive growth prior to recession, enabled the metro to experience a net employment gain of 1.7 percent annually over the last decade.

DALLAS / FORT WORTH TOP EMPLOYERS

COMPANY EMPLOYEESWal-Mart Stores Inc. 34,000American Airlines Group Inc. 27,000Texas Health Resources 22,296Dallas Independent School District 19,740

AT&T 17,000Baylor Scott & White Health 16,500The Kroger Co. 15,397Lockheed Martin Aeronautics Co. 14,350Bank of America 13,500City of Dallas 13,350UT Southwestern Medical Center 13,122JPMorgan Chase Bank N.A 12,676HCA North Texas Division 12,000Fort Worth Independent School District 12,000Southwest Airlines Co. 9,931Texas Instruments Inc. 9,100State Farm Life Insurance Co. 8,900Target 8,355Source: Dallas Business Journal 2017

DALLAS-FORT WORTH AREA EMPLOYMENT

(NUMBERS IN THOUSANDS)

APR. 2018

CHANGE FROM APR 2017 TO DEC. 2018

NUMBER PERCENT

Total Nonfarm 3,687.9 119.9 3.4Mining, Logging, Construction 223.9 12.8 6.1Manufacturing 276.7 8.1 3.0Trade, Transportation, Utilities 774.4 18.6 2.5Information 83.7 0.2 0.2Financial Activities 296.8 5.5 1.9Professional and Business Services 611.7 25.9 4.4Education and Health Services 452.9 11.6 2.6Leisure and Hospitality 393.0 20.7 5.6Other Services 126.9 5.9 4.9Government 447.9 10.6 2.4Source: U.S. BLS, Current Employment Statistics

Source: U.S. BLS, Current Employment Statistics



TRANSPORTATION

Air

DFW International Airport, located approximately 20 miles from the Site, is the fourth largest in the world in terms of operations and 11th largest in terms of passengers. The total estimated economic output of DFW Airport is $37 billion offering more than 1,500 daily flights to over 200 destinations around the world. American Airlines corporate headquarters is in Fort Worth while its main operational hub is at DFW International Airport.

Highways

The Property is situated in Rockwall, Texas, northeast of the City of Dallas. Interstate 30 and Highway 66 provide east-west connectivity in Rockwall, with both roads providing access over Lake Ray Hubbard and connecting Rockwall to the neighboring city of Rowlett to the west and Fate to the east. North-south connectivity in Rockwall is provided by John King Boulevard and State Highway 205. The Site is located along State Highway 205, approximately 1.5 miles south of Interstate 30. Travel time from the Site to Downtown Dallas is approximately 30 minutes.

Public Transit

STAR Transit offers bus transportation service, available upon request, within Rockwall and Kaufman Counties, as well as the city limits of Mesquite, Seagoville, and Balch Springs. STAR also offers Fixed-Route bus transportation from stops in Mesquite, Seagoville, and Balch Springs, all of which connect to the Dallas Area Rapid Transit (DART) Green Line, which provides public transportation throughout the Greater Dallas Area via light rail and buses.

DFW Airport

DART



DEMOGRAPHIC OVERVIEW - 10 MINUTE DRIVE TIME FROM SITE

JORDAN CORTEZManaging Principal


JUSTIN TIDWELL Director


MASON JOHN Associate


SETH DAMROWFinancial Analyst

[email protected]

Rockwall, Texas 7503215.6013 Acres

15.6013 acre development opportunity in rockwall, … · 2018. 6. 22. · rockwall, which is...

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