Tuesday, February 12, 2013

Land Spec Heats Up 380 Corridor

The land speculation market is heating up as projects like Cencor's West Plano Village—on hold for years—gets started, according to Henry S Miller SVP John St Clair. And the SH 380 Corridor may be the hottest spot of all. Prosper is clearly more than a city name.

John, right with friend Jim Wood on Lake Texoma last fall, says land speculation comes as development starts. The "today deal" triggers thinking about possibilities for the "next deal," he says. Now, developers and investors are formulating how to risk their money going forward. The hot spot John's projecting will likely be from US 75 to I-35 and from SH 380 north to the Red River. That's where investors want to go: north of the Metroplex.

John hopes to live long and prosper. When he sold his own family's property as part of Matthews Southwest's 157-acre purchase at the Dallas North Tollway and 380 in Prosper, he kept about 60 acres adjacent to the parcel where Jack Matthews plans to build a 3M SF mixed-use project in a public-private partnership with the Town of Prosper. John credits Frisco's maturation in the last 10 years with triggering the next wave of development in the area. The first guy in and maybe the second will be the successful ones near term, he says. The land speculation isn't quite there yet, but it's coming in the next year or two. When he's not looking for land to sell, John spends summers with his family at their Lake Texoma lake house.