West Side Story -
543-Acre Development in the Works on West Loop - March
19, 2007 A Scottsdale, Ariz., investment firm purchased 543 contiguous acres on Tyler's west side, a North Texas real estate firm announced, and the area between Loop 323 and Lake Bellwood could see more upscale development. The investment firm, whose name was kept confidential, owns land stretching from a location just north of Sam's Club on Loop 323 to the railroad tracks. The loop is the eastern border and Lake Bellwood is the western border. Efforts were unsuccessful Friday to reach the firm's legal counsel to obtain more information. Eric Davis, president of TierraStar Real Estate in McKinney, said the company completed the purchase from owners Westchase Land Development and Martin Heines in February. Terms were not disclosed. Davis, former vice president of the Tyler Economic Development Council, said he helped facilitate the transaction and the investment firm granted him permission to announce the purchase. He began working with the investors last summer. "C.C. Baker told me about this property and I thought that it would be something in which these investors would have an interest," Davis said. "Middle-sized markets like Tyler often get overlooked by large institutional investors, but I know Tyler is a great town and I asked them to come look. Once they visited, they were sold." Development in this area will hasten development on the west side, he said. "As (the investors) came into Tyler and looked, they saw the success of what was going on in The Cascades," he said. The group also saw development on the south side. "We were caught in a traffic jam," Davis said. "They said, 'Gee, how much farther south can it grow?'" The buyers will create a master plan for the property, then bring in developers who specialize in the different parts of the master plan and sell those parcels to the developers, Davis said. He said the new owners will work with the city of Tyler to help develop and improve the Bellwood Lake park area adjacent to the property. Although land use plans are not finalized, Davis said discussions have included attracting an upscale hotel with significant meeting space. "This will be a mixed-use development with retail, office, hospitality and residential components," he said. "With the new Sunnybrook (Drive) extension planned to dissect this property, this project should continue to spur additional development on Tyler's west side." Davis said the Sunnybrook Drive extension is projected to cross the loop, cut through the property and turn northward toward Texas Highway 31. He anticipates visitors to the lake's public area in the future will have a much better road on which to travel, and it will be surrounded by quality development. Now, the public area is accessed from a road off Texas 31. The city continues to own the property around the public park, boat ramp and pump station. The tract purchased by investors contains the old Bellwood Golf Course. Greg Junek is Business editor. He can be reached at 903.596.6280. e-mail:
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