Posted 2:58 am Tuesday, July 03, 2012
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Proposed Development Getting New Attention In Bullard
By KELLY GOOCH
Staff Writer
A proposed Bullard development put on hold last year is getting another glance.
Former Bullard Mayor A.W. Hines, with Hines Group Texas, said he is seriously looking
at
the mixed-use project again because interest rates are likely at an all-time low, and he knows they will increase in the next year or so.
"Material costs are cheaper and there are low interest rates, and in 12 to 18 months, I think the economy will look a lot better," Hines said. "In history, recession typically follows with inflation, and in the future, we may see higher prices. I think it's a good time as long as the city goes with it."
Hines put the project off last year, citing a divided city council and feasibility concerns.
The development, called Heri-tage Springs, was slated to include a $10 million to $15 million apartment complex, a road connecting U.S. Highway 69 with Farm-to-Market Road 344, a water feature and light retail or commercial space.
Hines said most of the development plans are the same. However, his group,
which develops residential and commercial real estate in East Texas, may build townhouses rather than apartments.
The townhouses, which would accommodate about 800 people, would provide more privacy and look better, Hines said.
Residents "would have individual space, and it wouldn't be as crowded as apartments. They would have the same amenities, (such as) a gated (area), a pool and hiking," he said.
Townhomes likely would be leased as well as sold.
Hines said various commercial businesses also are slated to be part of the project. He said he's talked to several major chains showing interest, but he is not releasing any names at this point.
Once the entire project is complete, Hines estimated that Bullard could be looking at a taxable value between $30 million and $50 million. That's why he said the project will be a great thing for Bullard economically.
"It definitely will give the (school) district and city more money in ad valorem tax coming in and more people in town. That can lead to better restaurants and more retail, which can (increase) sales tax revenue," he said.
In the meantime, he's waiting on the city and the Bullard Economic Development Corp. board to come across and agree on some terms that the group wants it to about the development. Once that happens, Hines said he would start the final planning and move forward with dirt work.
"I think it's just kind of sitting and waiting on the city (right now)," he said.
Councilwoman Shirley Coe said the city council would have to sign off on a decision that BEDCO makes.
