Lewisville City Council on Feb. 1 authorized the city manager to purchase the land southwest of where I-35E meets Justin Road for a cost of nearly $9.3 million. The city intends to sell the property to a master developer at a later date, which would help it recoup the costs of the purchase, according to a staff memo.
Officials described the land purchase as “critical” for the success of the Northern Gateway, a city development plan that outlines preferred uses for a collection of properties bounded on three sides by I-35E, McGee Lane and the rail tracks to the south.
“The purchase of the property will accommodate and secure the city’s long-term vision for the Northern Gateway and provide the city the opportunity to work with developers to implement that vision,” City Manager Donna Barron wrote in a letter to council members before their vote.
The property’s current zoning allows for warehouse construction, which is not one of the city’s preferred uses for the land long-term, according to the plan. Developers have already expressed interest in purchasing the property, city officials said, prompting them to move forward with the purchase.
Much of the area around this land is already being developed, or will soon be developed, in accordance with the Northern Gateway plan, the city said. These projects are expected to bring more than 2,000 residential units within a half-mile radius of the property, according to Barron’s memo.
The city expects to sell the land within a year and a half of buying it, Barron said.