Council Approves Purchase of Texas Property

The 81.5-acre parcel north of Denton considered a "very good value" at $1.6 million. Closing likely in early January. Further discussions of development plans set for December Council meetings.

by Clyde Kilough

We have been working for several months on finding suitable land, and the process gradually narrowed from several good options to one that is very suitable for filling our short-term needs, and also offering flexibility for yet unforeseen long-term options.

Here are the details:

• Property: 81.5 acres.

• Location: South side of FM 3163 (Milam Road), just east of Milam Ridge Road, Denton, Texas, one-half mile east of Interstate 35 (visible from the freeway), approximately 3 miles north of loop 288 and 7.5 miles from downtown Denton.

• Cost: $1,599,784, or $19,610 per acre.

• Appraised value: $1,710,000.

• Description: The property is outside of the Denton city limits (which simplifies the development process somewhat), with vacant land to the north, east and south, and a small subdivision adjoining to the west. The property is gently sloping to the south.

Very Good Value

We consider this to be a very good value, not only for the specific site and price but for the surrounding area and future potential. It is, by the way, 15 more acres, for $100,000 less, than the Kings Row acreage we originally considered.

The future growth in the Denton area is moving in this direction, with four major commercial/residential developments all planned for the north and west sides of town, including a 2,000-acre project between Loop 288 and the Milam Road property.

Already under construction is a major, 412-acre mixed-use commercial/residential development approximately five miles south on I-35 that will include major department stores, Sam's Club, theater complex, restaurants, a 280-room hotel and a 90,000-square-foot convention center.

Quote From Appraisal

The appraisal states, "In conclusion, the market area has good access to all parts of the Dallas/Fort Worth Metroplex via US Highway 380, US Highway 377, Interstate 35E, and Interstate 35W. It has a good single family residential base which is located throughout Denton, primarily on the interior streets. There is plenty of available land for development. The proximity of freeways and the dramatic growth of Denton are positive influences on the market area creating a good long term outlook for real estate values."

We have found a very good property with close proximity to all the services we will need, and for a very good price. We most likely will not actually close on the property until early January, but the Council gave its approval last week in light of a looming deadline for commitment. So, if anyone drives by the area, remember that it is yet private property, and please don't drive into it.

Development Discussions

Of course, purchasing land is just a first step, and much work lies ahead. Further discussions about where we go from here with development plans will take place at the December Council of Elders meeting (which is scheduled for Dec. 11 to 13 at the home office).

Thank you for your prayers and concern, and dedication to God's work and His people. UN