Construction should begin in a few months on a new subdivision on Burbank Drive. University Village, represented by Art Lancaster, purchased the 17-acre site about halfway between Ben Hur Road and Gardere Lane. The site is currently occupied by a temporary concrete plant. The sale closed last week for $1.45 million, or about $85,000 per acre. The site has 60 feet of road frontage on Burbank and will be developed with lots that will average 40 feet front by 120 feet in depth. Lancaster says the development will consist of 92 lots that will sell for between $50,000 to $55,000. Homes in the development will sell in the $200,000 to $230,000 range. Lancaster says there has been significant interest. Lancaster says the success of nearby Spring Lake piqued his interest in doing the development. “Spring Lake has almost sold out and local builders are looking for more lots in this price range, so it made sense to take the risk,” he says. Andy Batson, of Beau Box Commercial Real Estate, who brokered the deal, says the site has had its wetlands area mitigated and some fill work has already taken place.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
