220+/- Acre Development Site
Land | 220 acres
Marketing description
Vanguard Real Estate Advisors (“VREA”) has been exclusively retained by Ownership to present the opportunity to purchase a 220+/- acre master planned community called Greenway, located along OB Groner Road in Sherman, TX (“the Site”). The Site is zoned under the Greenway planned development, allowing for a mix of commercial, single family, townhomes, and multifamily. The current Concept Plan shown on page 3 contemplates 808 residential lots, 773 multifamily units, and 16.4+/- acres of retail space. Ideally located approximately 2 miles west of US Highway 75 and less than a 10-minute drive to the new GlobiTech and Texas Instruments facilities, this is a great opportunity to acquire a Site with high density entitlements in one of the fastest growing markets in North Texas.
Ownership would consider subdividing the Site. One option Ownership would consider is selling the Phase 1, 235 single family units that can currently be served by the existing 12" wastewater line (see Will Serve letter in Due Diligence Vault).
Investment highlights
Strategic Location
• The Site is ideally situated a quarter mile west of Heritage Parkway (FM 1417), two miles west of US 75, and just over a mile south of Highway 56 making the Site ideal in regard to connectivity and ease of travel throughout the Sherman-Denison MSA.
• The Site is less than half a mile to Sherman High School which opened in 2021. The Site is served by Sherman ISD which educates 7,843 students across 16 campuses.
• Approximately half a mile east of the Site, Brightland Homes is selling homes in their Pebblebrook community up to $419,990. CastleRock Homes and Dunhill Homes are also selling homes in Pebblebrook up to $399,990 and $356,990, respectively.
• The Site is approximately 2.5 miles west of the intersection of FM 1417 and US 75 which boasts several retailers and restaurants such as Chipotle, Chick-fil-a, McDonald’s, a future HEB Grocery, and more.
Zoning
• The Site is zoned in the "Greenway" Planned Development (PD – 6690 & 6689).
• The permitted uses as allowed per the Planned Development Ordinance include the following: Single Family (40’ lots, 50’ lots & 60’ lots), Townhomes, Multifamily (MF-30), and Neighborhood Commercial.
• Purchaser to verify zoning and allowed uses on the Site.
Population and Demographics
• According to the US Census Bureau, the City of Sherman has a population of approximately 50,229 as of July 2024, an increase of 24.6 percent in the last ten years.
• The Site is less than seven miles from Texas Instruments and less than three miles from the GlobiTech semiconductor chip facility which total $48 billion in anticipated investments and will create up to approximately 4,500 new jobs in the area.
• The Sherman-Denison MSA is the 23rd largest MSA in Texas with an estimated population of over 150,532 in 2024, a 10.6 percent increase since 2020, per the Federal Reserve Economic Data.
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