Though the deal isn't scheduled to close until Sept. 1, the university system is under contract to sell 163 acres of farmland north of Campbell Road on Coit Road in Richardson that is adjacent to the Texas A&M AgriLife Research and Extension Center to Dallas-based Centurion American Development.
The sale of the acreage would help Texas A&M AgriLife kick off plans for a new state-of-the-art research center on the school's remaining 80 acres of land in northern Dallas County. The details of the massive university project are still being developed, Ray told me.
Centurion Development's proposed plan for the larger tract of land includes 720 single-family homes and 180 townhomes, according to the city's planning and zoning department. If the deal falls apart, Texas A&M System has five other back-up buyers for the property, Ray told me.
"The deal is still fluid and if it falls apart, we plan to negotiate with the next line of proposals," he told me.
Centurion Development was the top-ranked proposal and unanimous choice of Texas A&M System officials working the deal, which wanted to find funding for the soon-to-be conceived Texas A&M AgriLife research center.
"Our No. 1 mission was to help AgriLife research the urban environment, and No. 2 was to upgrade the facility," Ray told me. "This deal gave us a way to accomplish both goals."