A prominent real estate company in Dallas has purchased a 543-acre property in Tyler near Bellwood Lake, a move that positions the western side of the city for future growth.
Provident Realty Advisors, which is one of the companies with interest in the Village at Cumberland Park, purchased the property Monday, according to a statement released by the real estate broker representing the seller.
The site is located at the intersection of Loop 323 and Earl Campbell Parkway, south of Texas Highway 31. The amount of the sale was not disclosed, but the minimum bid price in November was $10,500 per acre, equal to just over $5.7 million.
“This is terrific news for Tyler in terms of economic development and future quality of life for the entire city and particularly the Southwest sector of the City,” Chris Burrow, the CEO of Range Realty Advisors, said.
Burrow and his business partner Dillon Cook facilitated the sale from McRae Group of Scottsdale, Arizona. The group had been marketing the property for years. Most recently, a businessman from China envisioned building an East-meets-West community on a majority of the property, but the plan was abandoned.
“With Provident Realty Advisors, Tyler gets a ‘best in class’ developer with a terrific track record across the U.S. as well as in Tyler,” Burrow said. “I know that Provident will do a superb job with the Bellwood property, just as they’ve done on so many top quality real estate projects they have successfully developed.”
The company’s portfolio includes apartments and retail space in Texas and Louisiana. One of the company’s ongoing projects is rehabilitating the historic Texaco building in downtown Houston for apartments, retail space and a parking garage.
The property includes a 64-acre strip fronting Loop 323 that is zoned for commercial use. Provident plans to market commercial, retail, office, hotel and restaurant sites on that portion of Loop 323 in the near future, the brokerage firm said.
Another 166 acres are is zoned for mixed uses, and the remaining few hundred acres are zoned for single-family homes. Development of the remaining portion of the property, for uses such as housing, likely would be part of a long-term plan, the brokerage firm said.
“We’re very happy to see that somebody has acquired that very substantial piece of property because it’s about 550 acres, and it’s been sitting empty for decades, and in such a prime location and has such tremendous potential,” said Tom Mullins, the CEO of the Tyler Economic Development Council.
“We’ve known that for a long time, but the only people who ended up consulting that property since the early ‘80s (aside from a group that abandoned the project during the Great Recession) have been people who are just land speculators,” he said. “They weren’t developers.
“This group is a very established development group out of the Dallas area, and they have impressive projects, not only in Texas but all over the country, and they have access to some major national players in various segments of development projects,” Mullins said.
He said the property is special because it is almost exactly halfway between the northernmost and southernmost parts of Tyler. He said he could envision more recreation opportunities, a resort-style conference center, and an event center.
“I think you’ll see more rooftops develop in that entire area of the South-Southwest Loop,” Mullins said. More rooftops would mean more traffic, and more traffic means more retail and commercial space.
“And then you really, really have spread out the growth of Tyler in a very significant way,” he said.
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