Thursday, December 15, 2016

Island homes attracting Cowboys, Rangers to start within $2B Arlington community

A $2 billion master-planned community in north Arlington is undergoing a major expansion — and one that will put it a step closer to developing homes on a 40-acre island, which is attracting Dallas Cowboys and Texas Rangers players.

The island, which sits within man-made Lake Viridian, is part of the 2,300-acre Viridian master-planned community in Arlington, which, upon completion, is expected to have a build-out cost of $2 billion to $2.5 billion.
"The island can hold over 100 home sites and will be completely surrounded by water," Robert "Bob" Kembel, general manager of the master-planned community, told the Dallas Business Journal.

Kembel, who is already negotiating with homebuilders for the island, plans to begin home lot development in 2017, with lots delivered to builders in 2018. Construction will also begin next year on a bridge and roadways to access the island.

The single-family homes will start at $1 million, which is quite a bit, more than the community's average home price of roughly $400,000. Viridian has homes priced from $200,000 for a townhouse to $2.5 million for a custom home.
Viridian's island has already attracted some Cowboys and Rangers professional athletes, said Kembel, although the man-made island, while exclusive, won't likely be gated.

Without another community offering an island within 10 minutes of the Dallas/Fort Worth Airport, Kembel said he expects the home sites, upon completion, to sell quickly.

Either way, Residential Strategies Principal Ted Wilson, who has stood on the island to partake in the views, said it will do well with home lot premiums on special properties — such as an island — garnering a 30 percent to 50 percent premium. "This will be a very exclusive community with water-front views and anything near water tends to sell at a premium," said Wilson, who overseeing the Dallas-based housing research firm.

The home lot development on Viridian's man-made island would come after a major expansion to the master-planned community, which will add more than 200 acres of developable land to the Arlington community.
With the additional acreage, Kembel said he expects to deliver more than 700 new home sites to Viridian's builder group within a part of the project called Trinity Park.

The expansion is a result of a successful six-year reclamation effort, which will make land left fallow after being abused by mining operations and left as a dump. The Viridian developers worked alongside the U.S. Corps of Engineers to reclaim the land.
"We expect Viridian to double the number of families here in the next 24 months," he added.

In the next decade, Kembel said he expects the master-planned community to include 4,000 single-family homes, 1,000 apartment homes and a town center with 100 acres of commercial real estate that could total upwards of 800,000 square feet of space.

In the next two years, Viridian developers plan to begin construction on the multi-floor apartments with retail on the ground-floor. This will start the town center portion of the community, he said.