13.73 Acres in Fredericksburg, TX - $550,000
Size: 13.73 acres of which 11.44 acres is zoned R-2. And, 1.41 acres is zoned C-1 neighborhood com-mercial. The Post Oak Road ROW is 0.88 acres.
Utilities: Includes city water and sewer to the property and water is installed the entire length of Wind-crest St. Gas, phone, cable and electricity located at property line. Detention facility already installed offsite to serve the property. Post Oak Road extension has to be completed with the development of ei-ther tract. Some preliminary engineering is completed. Topo is complete. Environmental Phase I has been completed.
Zoning: The 11.44-ac. has R-2 Mixed Residential zoning (apartments, townhouses, duplexes, condos, etc.), with a conditional use permit for convalescent services that allows for memory care and assisted living. The 1.41-ac. has C-1 Neighborhood Commercial zoning.
Price: $550,000. Priced below market for quick sale. Pri...
Price: $550,000. Priced below market for quick sale. Price subject to change without notice.
Location: Located in the city limits at the intersection of Windcrest St. and Post Oak Rd., two blocks from Hill Country Memorial Hospital (rated among the top 100 hospitals in the country) along with its physical therapy center. Shopping is nearby and the High School is across the street from the Hospital. Property is adjacent to the newest residential subdivision in Fredericksburg Oaks of Windcrest. When the subdivi-sion is built out, it is planned to have 351 single-family lots.
City: Fredericksburg is located in the heart of the Texas Hill Country and is the county seat of Gillespie County. Several national publications have stated Fredericksburg is the in place to retire. Many retirees are now coming of age where they want the option of independent living for seniors attached to an assist-ed living complex with memory care. Most of the retirees are in the higher income bracket. Metro Areas population in 2010 was 24,447. Population changes since 2000 is +17.48%. Cost of living is 8.7% lower than the U.S. average. The average list price for homes in the County on November 5, 2013 is $565,127, average sold price was $327,025. Violent crime is 0.08% while Texas is 0.52%. Fredericksburg is in dire need for this upscale senior living complex. Most existing senior facilities were built in the 1950s. People seeking a more upscale facility have to go to San Antonio (71 miles) or Austin (78 miles).
Market Study: The property was previously under contract to a Dallas developer who was unable to close on his financing. Their plan was for 30 independent living units, 20 age 55+ active adult units, 70 assisted living units and 30 Alzheimers/memory care units in an assisted living setting. They ordered a 140 page Phase I market feasibility analysis that indicated there will be sufficient size and depth of the age and income qualified market to support the prudent introduction of a new state-of-the-art Senior housing into the Fredericksburg market area. In 2012, there are projected to be 6,197 age 75+ house-holds in Fredericksburg Primary Market Area.
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