residential development opportunity vista west ii...cushman & wakefield has been exclusively...
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R E S I D E N T I A L D E V E L O P M E N T O P P O R T U N I T Y
+ 3 8 9 AC R E S F O R S A L E11500 OLD WEATHERFORD ROAD | FORT WORTH, TX
VISTA WEST II
30
820
TABLE OF
CONTENTS
CUSHMAN & WAKEFIELD 2021 McKinney Avenue Suite 900 Dallas, TX 75201
INVESTMENT
CONTACTS
CHRIS HARDENDirector+1 972 663 [email protected]
ROGER SHAFERFinancial Analyst+1 972 663 [email protected]
RYAN DUFFIEAssociate+1 972 663 [email protected]
CUSHMAN & WAKEFIELD
SECTION O1
03 | EXECUTIVE SUMMARY
SECTION O2
05 | PROPERTY OVERVIEW
SECTION O3
09 | MARKET ANALYSIS
Cushman & Wakefield | 2
EXECUTIVE
SUMMARY
Cushman & Wakefield has been exclusively retained to execute the sale of the Vista West II property (the “Property”) located in Fort Worth, Texas. The Property, conveniently located just 12 miles from downtown Fort Worth, consists of ±389 acres of residentially zoned land with full access to utilities and road infrastructure.
The nearby area has recently seen a fury of new housing developments thereby creating a scarcity of large, zoned, undeveloped tracts of land currently available while simultaneously placing the Property in the path of growth. With home prices and population growth in DFW at historically high levels, the Property provides the ability to deliver workforce housing to major nearby employers like Lockheed Martin, Fort Worth Naval Air Station and Fort Worth ISD. Located less than 2 miles from Interstate 30 and Interstate 820, the Property also provides easy access to major thoroughfares connecting to major employment hubs, restaurants, retail, entertainment and sporting venues.
The Vista West II property affords developers the rare opportunity to acquire a large, residentially zoned tract of land located in one of the fastest growing areas for new housing development within the Dallas-Fort Worth MSA.
Land Area: ± 389.94 Acres
Interest: Fee Simple Surface Rights
Debt: Free & Clear
Existing Zoning: R1 - Zero Lot Line / Cluster A-5 - One-Family C - Medium Density Multifamily CF - Community Facilities E - Neighborhood Commercial
Utilities: All available to site
Frontage: 5,061 feet on Old Weatherford Road
Floodplain: Zone A, Areas determined to be inside the 100-year floodplain
Asking Price: $10,000,000
P R O P E R T Y S U M M A R Y
820
30
Cushman & Wakefield | 3
INVESTMENT
HIGHLIGHTS
RESIDENTIAL ZONING The Property provides developers with a variety of residential zoning uses ranging from single family dwellings to high density multi-family.
PATH OF GROWTHThe Dallas-Fort Worth MSA led the nation in population growth in 2017 adding more than 400 new residents per day. The city of Fort Worth has seen tremendous growth with a current population of 850,000 and experts estimating that number to reach 1.5 million by 2040. This rapidly growing submarket has seen several new housing developments recently as more and more residents look for affordable housing options. In 2017, Fort Worth was named the 5th Best Large City for First-Time Home Buyers by WalletHub and one of the nation’s Top 20 Best Places to Live by U.S. News and World Report.
NEARBY EMPLOYMENTFort Worth is a major employment and medical destination for the area with large companies such as American Airlines, Pier 1 Imports, Lockheed Martin Aeronautics and JPS Health Network with headquarters here. Additionally, the Property is in close proximity to the Fort Worth Naval Air Station (11,400 employees) and Fort Worth ISD (10,100 employees) allowing developers to deliver workforce housing.
ACCESS TO UTILITIES & INFRASTRUCTUREThe Property has full access to utilities and road infrastructure thereby reducing the cost to developers and investors.
OUTSTANDING ACCESSIBILITY AND CONNECTIVITYLocated less than 2 miles from Interstate 30 and Interstate 820, the Property also provides easy access to major thoroughfares connecting to major employment hubs, restaurants, retail, entertainment and sporting venues such as The Fort Worth Stockyards, Texas Motor Speedway, Bass Performance Hall, Kimball Art Museum, Fort Worth Zoo, Sundance Square, and the Botanic Gardens.
Cushman & Wakefield | 4
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FORT WORTHDALLAS
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Vista West II
Cushman & Wakefield | 5
LOCATION
MAP
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Vista West II
5 M I L E S
6 M I L E S
1 1 M I L E S
1 0 M I L E S
1 1 M I L E S
1 4 M I L E S
1 7 M I L E S
1 3 M I L E S
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1 1 M I L E S
1 0 M I L E S
DOWNTOWN FORT WORTH
EAGLE MOUNTAIN
LAKE
LAKE WORTH
BENBROOK LAKE
LAKE ARLINGTON
Cushman & Wakefield | 6
LOCATION
MAP
N
Downtown Fort Worth12 Miles
Lockheed Martin5 MilesLake Worth
8 Miles
30
30
820820
Direct access to I-30 via Chapel Creek Blvd. with dedicated exit/access ramp. (Only 1.3 Miles from property)
Chapel Creek Blvd
Old Weatherford Rd.
Cushman & Wakefield | 7
LOCATION
MAP
N
Eagle Mountain Lake
Lake Worth
Cushman & Wakefield | 8
SITE
SURVEY
VISTA WEST II300.17 AC
A-5
A-5
A-5
A-5
A-5
VISTA WEST II89.77 AC
NOT OWNED
NOTOWNED
A-5
A-5
AR
C
R2
A-5
A-5
C
B
CF
A-5
CF
R1
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C
R1
CR
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A-5
A-7.5
OLD WEATHERFORD RD
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WESTPOINT BLVD
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FANDOR ST
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DEAUVILLE DR
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BLUESTONE RD
BRADSHAW DR
FLEISHMAN WAY
HIGHLAND RIDGE RD
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910910
900
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900900
Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS,USDA, USGS, AeroGRID, IGN, and the GIS User Community
N
0 350 700
1 inch = 700 feet
Fort Wort, TXVista West II
Land ExhibitMarch 2018
LegendExisting Ownership
Existing Zoning
100yr Floodplain
Electric & Gas Esmt
Water Esmt
TOTAL OWNERSHIP = 389.94 AC
“CF” Community Facilities (26.13 Acres)• Public facilities including churches, govt. offices, health services, public safety,
colleges and schools, community and group homes, and recreation facilities.
“A-5” One-Family (278.08 Acres)• One-family detached dwellings (min. lot size 5,000 sq. ft.), churches, schools,
parks, etc.
“R1” Zero Lot Line / Cluster (44.62 Acres)• One-family detached dwellings on a min. 3,000 sq. ft. lot
• One-family detached zero lot line dwellings on a min. 2,500 sq. ft. lot
• Two-family attached zero lot line dwellings on a min. 2,500 sq. ft. lot, w/ maximum density of 13 dwelling units/acre
• Cluster of attached, detached, & ZLL dwellings w/ maximum density of 15 dwelling units/acre w/ min. 15% open space
• Plus all “B” uses
“C” Medium Density Multifamily (37.44 Acres)• Multifamily dwelling units at a maximum density of 18 dwelling units / acre,
per Sec. 6.506 of the Multifamily Unified Residential Development provisions.
“E” Neighborhood Commercial (3.67 Acres)• All uses permitted in “ER”, plus retail sales, banks, restaurants, gasoline sales,
offices, bakeries, and Commercial alcohol sales for off premise consumption and as part of food service.
“B” Two-Family • One-family and two-family detached and attached dwellings (min. lot size
5,000 sq. ft. for two attached dwellings on a single lot
• 7,500 sq. ft. min. lot size for two detached dwellings on a single lot)
• Plus all “A-5” and “AR” uses.
“AR” One-Family Restricted • One-family detached zero-lot line dwellings (min. lot size 3,500 sq. ft.),
churches, schools, parks, etc.
“ER” Neighborhood Commercial Restricted• Beauty/barber shops, bookstores, drug stores, studios and offices, public and
civic uses, nursing Commercial Restricted homes, and health care. Alcohol sales prohibited.
Net Developable: 334.65 acres
Cushman & Wakefield | 9
OFFSITE SANITARY
EXHIBIT
760
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730
890
770
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870
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890
840
770
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730
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830
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Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS, USDA, USGS, AeroGRID, IGN, and the GIS User Community
N
0 400 800 LegendExisting SS Line
SS Flow Direction
City Boundary
Parcels
Zone A (100-YrUnstudied)
Zone AE (100-YrStudied)
Zone X (500-Yr)
2' Contours
10' Contours
OFFSITE SANITARYSEWER
Fort Worth, TX
March 2018
Vista West II
UPLIFT CHARTER SCHOOL CHAPIN VILLAGEPHASE 1
PALMILLA SPRINGS
FUTURE PHASE
PP-05-077
PALMILLA SPRINGS
FUTURE PHASE
PP-05-077
PALMILLA SPRINGS
FUTURE PHASE
PP-05-077
SS-3
SS-2
SS-5
SS-4
SS-1
S-15313 8
36" PVC
S-15313 736" PVC
S-15313 15
36" PVC
MARY'S CREEK
MSC
-3
CAMP BOWIE W BLVD
EXISTING
8" SS LINE §̈¦30
CHAPIN RD
MEADOW GATE DR
WAK
ECRE
ST D
R
OLD WEATHERFORD RD
WESTPOINT BLVD
1 Inch = 800 ft
EASEMENT SIGNEDBY PROPERTY OWNERBUT NOT RECORDED
EASEMENTS PERPENDING PLAT
SANITARY SEWERUNDER DESIGN AND
EASEMENTS RECORDED
SANITARY SEWERUNDER DESIGN AND
EASEMENTS PERPENDING PLAT
SANITARY SEWERUNDER CONSTRUCTIONEASEMENTS RECORDED
Vista West II
Vista West II
SANITARY SEWERUNDER CONSTRUCTION AND
EASEMENTS RECORDED
Cushman & Wakefield | 10
WILLOW PARK
LAKE WORTH
FORT WORTH
RIVER OAKS
WHITE SETTLEMENT
BENBROOK
ALEDO
WHEATLAND
WESTLAND
EDGECLIFF VILLAGE
EVERMAN
ANNETTA
DICEY
AZLE
BLUE MOUND
MELODY HILLS
IONA
LAKESIDE
VISTA WEST II
10 MILES
5 MILES
3 MILES
20
30
820
35W
35W
35W
820
30
20
20
2017 AVERAGE HOUSEHOLD INCOMEBY CENSUS TRACTS
$0 - $50,000>$50,000 - $75,000
>$75,000 - $100,000>$100,000 +
AVERAGE HOUSEHOLD
INCOME
Cushman & Wakefield | 11
WILLOW PARK
LAKE WORTH
FORT WORTH
RIVER OAKS
WHITE SETTLEMENT
BENBROOK
ALEDO
WHEATLAND
WESTLAND
EDGECLIFF VILLAGE
EVERMAN
ANNETTA
DICEY
AZLE
BLUE MOUND
MELODY HILLS
IONA
LAKESIDE
VISTA WEST II
10 MILES
5 MILES
3 MILES
20
30
820
35W
35W
35W
820
30
20
20
2017-2022 POPULATION GROWTH RATE/YRBY CENSUS TRACTS
< 1.5%1.51% - 2.5%
2.51% - 3.5%> 3.51%
POPULATION
GROWTH
Cushman & Wakefield | 12
AREA
DEMOGRAPHICS
D E M O G R A P H I C S 1 M I L E 3 M I L E 5 M I L E 7 M I L E 1 0 M I L E
2017 TOTAL POPULATION 8,089 39,046 74,831 158,092 353,851
PROJECTED POPULATION GROWTH 2017-2022 13.3% 9.4% 6.6% 5.4% 5.5%
2017 AVERAGE HOUSEHOLD INCOME $93,913 $73,123 $69,233 $78,305 $83,174
2017 MEDIAN AGE 34.8 33.5 35.1 37.4 35.6
2017 NUMBER OF HOUSEHOLDS 2,922 15,238 29,284 64,166 139,531
PROJECTED GROWTH NUMBER OF HOUSEHOLDS 2017-2022 17.1% 11.0% 8.9% 7.3% 7.5%
MEDIAN HOME VALUE $144,797 $135,687 $123,348 $147,980 $159,232
9.4% PROJECTED POP GROWTH
3 MILES
+$73K AVERAGE HH INCOME
3 MILES
11.0% PROJECTED HOUSEHOLD
GROWTH 3 MILES
Cushman & Wakefield | 13
AREA
OVERVIEWFort Worth, TX
The City of Fort Worth is the 16th-largest city in the United States and fifth-largest in the state of
Texas. The city spans nearly 350 square miles into three counties and boasts a population of over
850,000 however experts anticipate that number to surpass 1.5 million by 2040. Often referred
to as Cowtown, Fort Worth is located within Tarrant County which has seen tremendous growth
recently due to steady job growth and cost of living.
In 2017, Fort Worth was named the 5th Best Large City for First-Time Home Buyers by WalletHub and one of the nation’s Top 20 Best Places to Live by U.S. News and World Report.
The Dallas-Fort Worth metro area gained more jobs than any other metro area during the past year,
according to a report by the U.S. Bureau of Labor Statistics. The area’s 146,000-resident jump in
2017 was the most of any metro area in the United States and six of the top 10 fastest-growing
counties in the United States were in Texas.
Fort Worth is a major employment and medical destination for the area with large companies such as
American Airlines, Pier 1 Imports, Lockheed Martin Aeronautics and JPS Health Network with headquarters
here. The city is also known for its variety of entertainment venues including The Stockyards, Texas
Motor Speedway, Bass Performance Hall, Kimball Art Museum, Fort Worth Zoo, Sundance Square, and the
Botanic Gardens.
Top Employers
13,500 Employees
10,100 Employees
6,100 Employees
4,000 Employees
3,300 Employees
11,400 Employees
6,500 Employees
4,300 Employees
3,800 Employees
3,100 Employees
Cushman & Wakefield | 14
NEARBY
SCHOOLS
Located just 15 minutes from downtown Fort Worth, White Settlement ISD is classified
as a 5A District serving approximately 6,800 students in grades kindergarten through
12. The Property currently feeds into Blue Haze Elementary, Tannahill Intermediate
School, Brewer Middle School and Brewer High School. Each of these schools are
recognized for high academic achievement and have earned the state’s highest
accountability standard. In 2008, Brewer High School completed an 85-acre campus
consisting of a 565,000 square foot, three-story building accommodating 2,400
students and approximately 175 faculty and staff members. The campus also includes
a 1,200-seat auditorium, two competition gymnasiums and two practice gymnasiums,
a stadium to accommodate 5,000 spectators, and an indoor athletic center.
The Property is also in close proximity to several award-winning private schools
including All Saints Episcopal School, Temple Christian Academy, Covenant Classical
School and Trinity Christian Academy.
Cushman & Wakefield | 15
CUSHMAN & WAKEFIELD 2021 McKinney Avenue Suite 900 Dallas, TX 75201
INVESTMENT
CONTACTS
CHRIS HARDENDirector+1 972 663 [email protected]
RYAN DUFFIEAssociate+1 972 663 [email protected]
CUSHMAN & WAKEFIELD
ROGER SHAFERFinancial Analyst+1 972 663 [email protected]