A Dallas-based developer would buy about 6 acres in Van Alstyne's Cold Springs Industrial Park for speculative industrial buildings, with an option on 10 more acres, under a contract the city's two development corporations take up Thursday, Nov. 5.
The Economic Development Corporation board will consider a joint resolution with the Community Development Corporation, which co-owns the land, approving a sale to Bradford Development Company. The board meets in a special called session at 6 p.m. at City Hall, 152 N. Main Drive.
The terms
The contract in the board packet covers a 6.257-acre tract, Lot 9R of the park's Phase 2 addition, at $2.65 a square foot, or $722,270.54. The final price would be adjusted to the acreage in a closing survey.
Staff describe that figure as a reduced price negotiated to get building started quickly. Bradford would put down $50,000 in earnest money and have 120 days to inspect the property. After closing, it would have 12 months to buy the neighboring Lot 10R, about 10 acres, on the same terms. The contract also needs City Council approval.
Bradford plans speculative, or "spec," industrial buildings meant to draw new businesses, according to staff. In their report, staff argue that most companies hunting for industrial space start with buildings that already exist, citing figures that 80% to 90% of such searches begin that way, and that there is little of that kind of space along the northern U.S. 75 corridor.
Having a developer build it moves the cost and risk off the city, the report says.
