Frontera Development

Largest in the nation Student Housing Development at Texas A&M

2017-08-22T19:24:00.001-05:00

50 Acre Student Housing Development Completed at Texas A&M

At 3,406 beds, the Park West development at Texas A&M University is the largest in the nation. Covering over 50 acres at 503 George Bush Drive W. in College Station, Weitz and Servitas partnered to set a new bar in the burgeoning student housing market.

The property total 2.2 million square feet and includes such amenities as a convenience store, jogging trail, coffee shop, volleyball court and a 50,000 square foot roof top lounge deck.

Located across the street from Kyle Field along George Bush Drive allows students to walk or bike to class and includes two Texas A&M Shuttle Bus stops.

Offering 1,2,3 & 4 bedroom apartments with modern living design, and full size beds, washer & dryers and free unlimited WiFi. Development partner Servitas will manage the ongoing operations of the project.

Frontera Development is a full service real estate development firm based in Waco, Texas. The firm focuses on residential, commercial developments and master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development. For more information, contact Mark P. Felton II at 254-495-1241.

Website: http://feltonranchsales.landsofamerica.com

http://feltonranchsales2.kw.com/

Twitter: https://twitter.com/RanchReport
Instagram: https://www.instagram.com/feltonranchsales/
https://www.instagram.com/frontporchhomes/
LinkedIn: https://www.linkedin.com/in/markfeltonrealestate

Waco Riverfront Development Approved For $20 Million In Incentive Funds

2016-11-16T11:12:00.001-06:00

Brazos Promenade

The Waco City Council has approved $20.2 million in tax increment funds Tuesday for the Brazos Promenade. The project is the first phase of a master planned development by Catalyst Urban Development. The contribution supports a $100 million mixed-use project on the city’s riverfront property. The development is proposed to include a full-service hotel, restaurants, shopping and housing.

The award will be comprised of $8 million for site cleanup and $12.2 million for infrastructure and public spaces.

Frontera Development is a full service real estate development firm based in Waco, Texas. The firm focuses on residential, commercial developments and master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development. For more information, contact Mark P. Felton II at 254-495-1241.

LinkedIn - Mark P. Felton
Twitter
Instagram

New Duplexes Coming Soon to McGregor

2016-10-28T11:23:00.000-05:00

Waco, Texas #8 Hottest Real Estate Market

2016-09-02T10:03:00.002-05:00

Waco, Texas #8 Hottest Real Estate Market

This is not hard to believe at all, with so many new people from out of town looking at Waco. The Waco Real Estate market has been on fire since last year. I have been trying to buy some investment property for a client for over a month now. The majority of properties we have attempted to look at were under contract before we had a chance. Definitely something for Waco to be proud of! #wacorealestate #waco #texasinvestmentproperty

Frontera Development is a full service real estate development firm based in Waco, Texas. The firm focuses on residential, commercial developments and master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development. For more information, contact Mark P. Felton II at 254-495-1241.

National Builder focusing on "Active Adult" market

2016-08-16T10:13:00.002-05:00

Active Adult Housing Coming to Texas

D.R. Horton creating new affordable housing category targeting "active adults". After seeing that entry-level houses geared toward first-time home buyers have become popular with retirees, D.R. Horton announced Tuesday that it is establishing a new brand for “active adults” who are looking for their last home.

D.R. Horton, the nation’s largest home builder, said its new Freedom Homes brand will be available in at least eight markets by the end of the 2016 fiscal year and in about one-third of the company’s 78 operating markets a year later.

“We’re excited to offer Freedom Homes as an affordable alternative for active adults seeking a carefree, low-maintenance lifestyle in an age-restricted community,” Chairman Donald R. Horton said in a prepared statement.

“The addition of Freedom Homes to our diverse family of brands will allow us to continue to expand our industry-leading market share.”

The company is in the early stages of developing the Freedom brand, so it can’t say what the average size or price of the houses may be, said Jessica Hansen, vice president of investor relations.

Houston is the first Texas city where the company will offer Freedom Homes, but it plans to offer them in Florida, Texas and Arizona, she said.

The company offers a wide range of houses that includes D.R. Horton, Express and Emerald with prices ranging from $100,000 to over $1 million. The company also offers mortgage financing and title services for home buyers through its subsidiaries.

Read more here: http://www.star-telegram.com/news/business/article91928287.html#storylink=cpy

#activeadult #texasrealestate

Sandy Creek Power Plant Expanding Construction

2009-01-08T16:29:00.003-06:00

New Power Plant Project Progressing

A single smokestack 30 stories high looms on the horizon of this rural town 15 miles east of Waco. Some 275 people are working there to build the Sandy Creek coal-fired power plant. Up to a thousand more could join them before the plant opens in 2012. Once constructed, the plant would employ about 100. Already, the construction traffic has helped quadruple Riesel’s sales tax receipts this year.

A coalition of environmental groups who see the smokestack as a pollution menace are trying to stop the project. And with the prospect of carbon regulation clouding the future of the coal industry, they say the political winds may be blowing their way.

Earlier this year, Dynegy, the lead investor in the 900-megawatt Sandy Creek plant, sold off part of its interest in the plant. Last week, its chief executive, said the company was “re-evaluating” its role in new coal plants, including Sandy Creek. The Sandy Creek plant is being built by a joint venture between Dynegy and the privately held LS Power Group. The joint venture sold off interests in the plant to Brazos Electric Cooperative in 2007 and Lower Colorado River Authority this summer and now owns just 64 percent of the plant.

Officials at San Antonio-based Zachry Construction say they are moving ahead as quickly as they can. Zachry will be bringing in many of its own workers from outside the area, and already a large RV park is under construction near Riesel for those workers. Zachry is also hiring locally through an employment office it set up in the middle of Riesel, and local hires for jobs such as welders, pipefitters and electrical workers will increase as the project progresses. (Previously printed in the Waco Tribune Herald.)

Frontera Development is a full service real estate development firm based in Waco, Texas. The firm focuses on residential, commercial developments and master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development.

For more information, contact Mark P. Felton II at 254-495-1241.

Refi Mortgage Apps Up in Waco

2009-01-02T16:55:00.000-06:00

Waco banks seeing a boom in mortgage refinance applications

Buzz up!Friday, January 02, 2009

By Mike Copeland

Tribune-Herald business editor

With mortgage rates hitting record lows, Mary Jo Teakell is seeing a growing backlog of refinance applications.

“We’re quite busy right now,” said Teakell, senior vice president at Extraco Banks, commenting on the surge in people wanting to get a lower interest rate on their homes.

Interest rates generally are hovering around 5 percent — a little lower on some days, a little higher on others.

Related
Credit Crisis blog

Extraco Bank employee Mary Jo Teakell works through a stack of mortgage applications at her office on North Valley Mills Drive. (Jerry Larson photo)
--------------------------------------------------------------------------------

“I can remember times when we thought 7 or 8 percent was a low rate,” said Rodney Kroll, president of Texas First State Bank. “We have the lowest interest rates now since 1970.”

Freddie Mac reported this week that average rates on 30-year fixed mortgages dropped to 5.1 percent, down from the previous record of 5.14 percent set last week.

It was the ninth straight weekly drop.

The average rate on a 15-year, fixed-rate mortgage has dropped to 4.83 percent, the lowest point since March 2004.

Local lenders said interest rates have been falling since the government announced in October its $700 billion bailout package meant to stimulate the economy. The Federal Reserve pledged last month to buy mortgage-backed securities to bolster the sagging housing market.

Holden Thomas at Excellent Mortgage in Waco said he’s seen refinancing applications increase three or four times the typical volume the office experiences.

“What I’m hearing is that rates probably will remain pretty steady until the beginning of the new year, then they may go down a little bit more again,” Thomas said earlier this week.

He said most of those refinancing are knocking at least $100 off their monthly mortgage payments.

“If you can refinance and lower your rate by 2 points or more, that’s worthwhile,” said David Littlewood, president of the First National Bank of McGregor. He added that he has noticed an uptick in refinancing activity at his bank the past 15 to 30 days.

He said those wanting to refinance their homes can expect to pay 4.75 to 6.5 percent, depending on their credit rating and the underwriting criteria used by the lender.

Thomas, at Excellent Mortgage, said the tightening of credit nationwide does extend to the refinancing arena.

“Yes, it is tougher to refinance,” Thomas said. “In the old days of subprime lending, you didn’t really need good credit or much equity. These days, you need a good credit score and good equity. People with fair credit, 600 to 700, can still get loans. But for those in the 500 range, there are not loans for them anymore.”

But Mike Thompson, president and CEO of Extraco Banks, had a little different take on the difficulty of refinancing.

“Is it tougher to refinance than it used to be? It’s really not. If the basic credit elements are in place, you have good equity and a steady job, it’s no more difficult to refinance than it’s ever been,” he said.

Equity is the amount of money a buyer has paid on a home. For example, someone who has paid $25,000 toward a home valued at $100,000 has $25,000 in equity in that home.

Some mortgage companies require at least 10 percent equity to refinance.

Bill Nesbitt, chairman and CEO of Central National Bank, said the bank is seeing its share of refinancing, but he would not call it a rush.

“Rates are low, but rates have been low for a long time, since right after 9/11,” Nesbitt said, referring to the Fed’s decision to lower interest rates several times after the terrorist attacks of 2001. “A lot of folks who were going to refinance have already done it.”

Opinions vary on how much interest rates should drop before refinancing becomes beneficial to a homeowner.

“It’s worth considering, even if rates drop only 1 percent, though it makes more sense at 1.5 percent,” Extraco’s Thompson said. “Now is a great opportunity to lower house payments and use that money to retire credit card debt.”

Several bankers said adjustable rate mortgages have fallen out of favor because fixed-rate mortgages are now so low.

The Mortgage Bankers Association reports that mortgage applications are at the highest level in more than five years.

More than 80 percent of applications are coming from borrowers looking to refinance at more affordable rates, the trade group said.

But homeowners locally are doing more than refinancing.

“We’ve seen a 20 percent increase in home improvement loans, so we can tell people are choosing to stay in the home they’re in and fixing it up,” Extraco’s Teakell said.

Teakell said she’s also seeing a jump in home equity loans.

Frontera Development is a full service real estate development firm based in Waco, Texas. The firm focuses on residential, commercial developments and master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development. For more information, contact Mark P. Felton II at 254-495-1241.

Waco Real Estate "Retirees are Coming to Texas"

2008-10-09T09:59:00.002-05:00

Texas Real Estate Center
Tierra Grande
TG2GO, October 2008by Randy Birdwell (10/24/2008)

Want to know why wind power is a hot issue these days, or how Texas and national foreclosure levels compare? Do you know where to get the scoop on your soil, or why an increasing number of retirees are coming to Texas? Find out in this edition of TG2GO, hosted by Edie Craig. (6 min. 9 sec.)

Frontera Development is a full service real estate development firm based in Waco, Texas. The firm focuses on residential, commercial developments and master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development.

For more information, contact Mark P. Felton II at 254-495-1241.

Cotton Crossing
Rancho Lorena
Front Porch Homes

New Chamber Building Features Solar Power

2008-10-01T16:49:00.000-05:00

Solar Ceremony
By Mike Copeland | Wednesday, September 24, 2008, 02:30 PM

The new Greater Waco Chamber of Commerce headquarters near Heritage Square hosted a ceremony today at which Mayor Virginia DuPuy and chamber president Jim Vaughan thanked Green Mountain Energy for the donation of 48 solar panels that will be used to meet the energy needs of the 14,000-square-foot building.

The solar array on top of the chamber building covers nearly 720 square feet and will offset about 6.5 percent of the building’s annual electrical use.

Attending the ceremony were third-grade students from Sul Ross Elementary and Super Earth, who is Green Mountain Energy’s mascot.

Green Mountain Energy has signed a two-year contract with the Waco chamber to provide electricity at the new headquarters.

The chamber is pursuing a LEEDs designation for the “green” building that has such features as a living roof and flooring made of crushed glass. LEEDs stands for Leadership in Energy and Environmental Designation, and the designation is awarded by the U.S. Green Energy Council.

Frontera Development is a full service real estate development firm based in Waco, Texas. The firm focuses on residential, commercial developments and master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development. For more information, contact Mark P. Felton II at 254-495-1241.

Waco Business News: New Jobs Keep Texas Housing Going

2008-07-09T09:17:00.000-05:00

TG2GO, July 2008
by Randy Birdwell (8/19/2008)

Associate Editor Bryan Pope hosts this edition of TG2GO, which features articles from the July 2008 edition of Tierra Grande magazine. Hear how new jobs keep Texas housing going. Watch Chief Economist Dr. Mark Dotzour explain what has to happen for housing to begin recovery. Learn about Texas' sizzling rural land market. And see Austin's plan for a clean energy business park. (4 min. 37sec.)

Frontera Development is a full service real estate development firm based in Waco, Texas. The firm focuses on residential, commercial developments and master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development.

For more information, contact Mark P. Felton II at 254-495-1241.

fronteradevelopment@gmail.com

Cotton Crossing
Rancho Lorena
Front Porch Homes

Waco Real Estate "LEED Commercial Buildings on the Rise"

2008-05-01T09:49:00.000-05:00

TG2GO, April 2008
by Randy Birdwell (7/25/2008)

No time to read Tierra Grande, the Real Estate Center’s quarterly magazine? Then catch the highlights with TG2GO. In the premiere edition, host Elaine Lovell talks about energy efficient commercial buildings, why homeowners are going green, and efforts the King Ranch has made toward wildlife preservation. (3 min. 35 sec.)

Frontera Development is a full service real estate development firm based in Waco, Texas. The firm focuses on residential, commercial developments and master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development.

For more information, contact Mark P. Felton II at 254-495-1241.

fronteradevelopment@gmail.com

Cotton Crossing
Rancho Lorena
Front Porch Homes

Waco Real Estate "Class A Office Space Expanding"

2008-04-23T11:39:00.000-05:00

In the next year, there will be the unprecedented addition of more than 150,000 sf of Class A office space in downtown Waco with more to come, according to Chris McGowan, director of urban development for the Greater Waco Chamber of Commerce. A majority of the space being developed is speculative Class A lease space. Another major trend is the development of close to 400 acres of professional and medical parks in the southwest corridor of Waco. Within a two-mile radius, construction of Class A lease space for ancillary medical and professional services is growing. The completion of the $48.5 million Providence Health Center expansion, the construction of Hillcrest Health System's $184 million campus and the announcement of a $48 million expansion by the Central Texas VA Health System are driving development. Significant business park additions in the Southwest area include Central Professional Park, Legends Crossing, Point West and Ridgewood Professional Park. At full capacity, these developments forecast the addition of 650,000 sf of professional and medical office buildings, McGowan said. In addition to this new development, several leases recently have closed in the Southwest corridor. Waco Center for Women's Health and Heart of Texas Pediatrics leased 18,000 sf and 12,000 sf, respectively, in the Central Texas Medical Center. Jackson Health Care completed a 10,000-sf lease in the Texas Central Park. There is considerable interest in downtown office development, partly due to the nationwide trend toward downtown revitalization and partly due to a strong commitment from local leaders in both the public and private sectors to ensure a healthy sustainable future for our urban areas. The renovation of the historic Roosevelt Hotel into Class A office space in downtown Waco; the construction of the new mixed-use Waco Town Square; the new Chamber of Commerce headquarters; and a new Wells Fargo Bank building all within a block of each other are leading the way in the office market as a part of the resurgence of downtown Waco. The range for Class A rental rates downtown currently is $1.25 to $1.55 NNN. The Greater Waco Chamber of Commerce has recently announced its goal of realizing a Billion Dollar Decade. By bringing together key investors, and working under a common vision, the chamber predicts $1 billion of new development in downtown Waco and along the Brazos River corridor. More than $120 million of new private investment has been announced in downtown Waco over the past year. Coupling that with a large public commitment totaling more than $200 million of new public improvements in the same area begins to paint a picture of a very bright future for downtown Waco.

Waco Business News "Construction underway on 900 megawatt power plant"

2008-04-22T12:09:00.000-05:00

(Riesel) - Construction is underway on Sandy Creek Energy Station, a 900-megawatt coal-fired power plant just outside of Riesel. The stack will one day be a prominent sight on the eastern McLennan County horizon. Once completed at 360 feet high, it will be almost 60 feet taller than downtown Waco's ALICO building. It's the first major structure on the 700-acre spread off Rattlesnake Road, two miles west of Riesel. After another ten to 12 months of earth moving and utility installation, workers will start putting steel in the ground as they construct the plant's boiler house. Already, about 110 construction workers are employed at the site. By 2010, about 1,200 people will work at the plant during the peak of construction to make it operational by 2012. After it is built, the plant will employ about 100 people full time. Zachry Construction, the project's top contractor, starts its general laborers at $9.50 and $11 an hour. Wages range upward from there.

For the complete story:

http://www.wacotrib.com/search/content/news/stories/2008/04/21/04212008wacpowerplant.html

Waco's Downtown Projects Coming to Fruition

2008-04-20T12:14:00.001-05:00

Just west of Heritage Square, construction has begun on the million-dollar concrete slab for the Austin Avenue Flats. It's an apt symbol for downtown's redevelopment, which has been years in the making but is only now beginning to bloom. Tens of millions of dollars in new businesses, construction projects and building renovations are already underway. This year alone, downtown will see the completion of a new headquarters for the Greater Waco Chamber of Commerce and the first 47 luxury condos in the $75 million mixed-use development around Heritage Square. Work will begin next month on a 368-bed upscale student housing complex as part of the same project. The $17 million renovation of the Waco Hilton will wrap up next month, and the $17.5 million reinvention of the Waco Convention Center will begin this fall. And the ripple effect is spreading several blocks up Austin Avenue, where an art gallery, a new restaurant, loft apartments, offices and a major bar/music venue are in various stages of development. The City of Waco and two downtown special tax districts have invested millions of dollars in infrastructure projects around town over the past two decades. Private investors have done multimillion-dollar projects such as RiverSquare Center, Behrens Lofts and the Insurors of Texas building. David Wallace's group also is developing the student housing component across Washington Avenue from the mixed-use project, next door to the Courtyard by Marriott. Wallace pulled permits on the $22.3 million student housing project this week and plans to begin work in the next 30 days. The complex is set to open in fall 2009. The five-story student housing complex will have several rows of parking in front, as well as parking under the building.

Waco's VA Medical Center $49 Million Expansion

2008-02-10T12:34:00.000-06:00

WACO (Waco Tribune-Herald) – The 75-year old Waco Veterans Affairs Medical Center received government funding to expand and renovate its campus. Projects include:
creating the Center of Excellence for Research on Returning War Veterans, a mental health research center with offices and labs;
relocating and expanding the Blind Rehabilitation Unit to 30 beds, with rehabilitation and training space;
expanding and enhancing mental health treatment for inpatient acute, intermediate and long-term psychiatry;
renovating long-term and rehabilitative facilities, including a pool; and
repairing and replacing the campus infrastructure for the growth of new programs.
The improvements will cost $49 million.

Waco Distribution Center, Tractor Supply, set to expand by 347,000 sq/ft

2008-02-09T12:31:00.000-06:00

WACO (Waco Tribune-Herald) – Texas Tractor Supply will expand its distribution center by 347,000 sf by September.
The Tennessee-based company is spending $10 million to double its facility, which opened in 2003 at I-35 and SH 6. The facility will be the company's second largest once the expansion is completed.
At least 44 people will be hired to work in the newly expanded distribution center, pushing employment to almost 190.
Bob Moore Construction of Arlington will oversee the expansion.

Waco residents get first look at Interstate 35 Brazos River Bridge

2008-01-31T15:48:00.002-06:00

Proposal to build new I-35 bridge becomes entangled in toll road debate

Wednesday, January 23, 2008By David DoerrTribune-Herald staff writer

Real-estate developer Rick Sheldon wowed Waco residents in November when he unveiled drawings of an iconic version of the Interstate 35 Brazos River bridge designed to look like the city’s landmark Suspension Bridge.

The new I-35 bridge would serve as a gateway for visitors passing through town and a point of pride for area residents. But after consulting Texas Department of Transportation officials on financing such a project in these lean times for highway expansion, it turns out there is only one way to do it: tolls.

The tolls, which proved to be a point of contention at Tuesday’s Waco City Council meeting, would be used to expand the highway from six to eight lanes between South Loop 340 and Elm Mott. The tolls would be charged only on the added two lanes.

Waco Metropolitan Planning Organization staff proposed the toll lanes in December to address area transportation needs while dealing with significant cuts in state and federal funding. Now it appears the toll lanes will be the linchpin in Sheldon’s effort to update the look of the I-35 bridge over the Brazos.

“There is still a chance that we could do it without the tolls, but it is going to take forever, and I don’t know if I will be real interested in working on it then,” he said. “I’m not going to do it in 10 years.” Sheldon, a San Antonio native now living in Waco, has proposed developments totaling nearly $1 billion along Lake Brazos, including restaurants, housing, a new near-campus football stadium for Baylor University and a 250- to 300-room hotel. He doesn’t control all of the projects, but he is working to form a partnership to make them happen. His bridge proposal garnered praise such as “breathtaking” from various civic leaders when it was unveiled. The toll lane proposal initially was met mostly with criticism and derision when it was announced.
But now the two projects are linked together and that could change people’s ideas about both. There won’t be a lot of time to debate their merits if the MPO’s policy board votes Tuesday to remove the toll provision from planning documents it must submit to the federal government in February. So Sheldon is calling to extend the debate by keeping the toll proposal in the MPO’s plans. The decision whether to go ahead with the projects would be made at a later time.
“I think (the bridge proposal) starts the debate, and that is all I am asking for,” Sheldon said. “Let’s not have the debate for a week, let’s have it for a year. You can always vote to change it (later). All we’re saying is, let’s please don’t preclude this as an option because it really hurts our chances of getting this thing built.”

The rebuilt bridge would not actually be a suspension bridge, but would have beams and cables to suggest the same look, Sheldon said. The aesthetic enhancements would probably cost between $5 million and $10 million, he said. Richard Skopik, the transportation department’s Waco region engineer, said the only way to finance reconstructing the bridge in the current transportation funding climate would be to add toll lanes. He said the transportation department isn’t planning to replace the nearly 50-year-old bridge unless the toll lane expansion project is approved. “To add an aesthetic structure, as has been suggested, you could modify the existing bridge, but I think the intent and the vision was to have a brand new bridge that could encompass these concepts,” Skopik said. However, he emphasized that bridge enhancements would not automatically come with the construction of toll lanes. Funding from other public or private sources would be needed to pay for the features that would make it look like a suspension bridge, he said. Sheldon suggested that a private company could be found to operate the toll lanes and pay to make the enhancements. However, the Texas Legislature passed a moratorium on such public-private toll projects last year. Skopik said the proposal is designed for the transportation department to manage tolling operations.

MPO director Chris Evilia has had to cut 13 out of 23 highway projects in McLennan County since transportation officials announced in late September there would be no money to add capacity to the state’s road system after this year. State transportation officials have blamed the funding crisis on rising construction costs, federal cutbacks and state diversions of declining gas tax revenues. Even with the deep cuts in the number of local transportation projects, Evilia still is about $11 million short to fund the remaining 10 projects on his list. The projects are designed to expand highway capacity to meet the state’s growing population. MPO staff estimates tolls would provide up to 40 percent of the funding to expand the highway to eight lanes. Transportation officials indicate state coffers could pay the remaining 60 percent.
Tolls could also generate an additional $5.7 million to $10.9 million that could be used for other transportation projects in McLennan County, according to MPO planning documents.
Sheldon said the paradigm for funding roads in Texas is shifting whether people like it or not.
“For a lot of folks it is wishful thinking,” he said, referring to their aversion to toll projects. “They want things back to how it was in ‘Leave it to Beaver’ time. It ain’t that way anymore. Go look at the Legislature. They haven’t raised gasoline taxes since 1991. Every time it comes up, it’s a nonstarter.”

Frustration with the current transportation funding picture was evident during Tuesday’s Waco City Council meeting in which members were briefed on the issue and the toll road proposal.
Councilman Randy Riggs said it was “almost extortion” to have to choose between adding toll lanes to I-35 and losing funds for other projects in the Waco area. He blamed federal and state lawmakers for not taking action. “(Expanding I-35) is something that our citizens need and deserve and it should be a state or a federal issue as opposed to a local issue,” Riggs said. “This is just wrong in my mind to say we will help you with your transportation issues if you do what your citizens don’t want done.” Although most council members expressed frustration about being forced to consider the toll lanes, a majority appeared willing to recommend to the MPO’s policy board to keep the proposal in their planning documents. City Manager Larry Groth suggested that keeping the toll proposal in the MPO’s plans would allow the transportation department to move ahead with surveying and preparation to expand the highway even if local officials decide against the toll lanes at a later time.

“If we approve this with the tolls in it, we can keep I-35 in the plan,” he said. “That means that the state can continue working on the design, layout and all that other stuff so there is not a delay, and in my mind that means we stay on this track we need to be on.”
Before Tuesday’s City Council meeting, Joe Mashek, MPO policy board chairman and a McLennan County commissioner, said he opposes the toll lanes even though Sheldon’s bridge enhancement project is linked to it. “They are kind of holding a gun to our head saying ‘If you don’t do this, you aren’t going to get this,’ ” he said. “It’s a no-win situation because most people are against this toll road on I-35.”

Frontera Development is a full service real estate development firm based in Waco, Texas. The firm focuses on residential, commercial developments and master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development. For more information, contact Mark P. Felton II at 254-495-1241.

www.cottoncrossing.net
www.rancholorena.com
www.frontporchhomes.blogspot.com

Waco's Downtown River Corridor Gets $14 Million Senior Housing Project

2007-11-01T12:40:00.000-05:00

WACO (Waco Tribune-Herald) – Houston developer Lankford Interests will break ground Thursday on a $14 million senior housing project on the banks of Lake Brazos.
River Park Apartment Homes, located along Martin Luther King Jr. Boulevard near the East Terrace Museum and Mill Street, will have 48 one-bedroom and 76 two-bedroom apartments. Monthly rents will range from $222 to $695.
Residents must be at least 55 years old. According to Lankford spokeswoman Lisa Ray, one person renting a unit can make no more than $21,180 a year, while a two-person household can make no more than $24,180.
The first units should become available by Dec. 1.
Local businessman F.M. Young donated the project's roughly 12 acres to the Providence Foundation, which received the $1.2 million Lankford paid for the property.
The complex is being financed by JP Morgan Chase in Dallas and Red Capital Market Inc. of Ohio. The city is lending Lankford $417,000 at no interest through a tax increment financing district created to promote downtown development.

Waco Subdivision "Lost Oaks" Phase I Lots Completed

2007-10-10T14:08:00.002-05:00

Press Release

October 10, 2007

Frontera Development has completed construction of 21 lots in phase 1 of the Lost Oaks subdivision. All of the lots were purchased by regional home builder Majestic Homes. They will be affordable homes in the 100's to 120's and are located in the top rated, Bosqueville school district.

There are two more phases in the works currently. The second phase will connect to phase 1 and will provide another 23 starter home lots, some of which are heavily tree covered with beautiful live oaks and cedar elms. This phase backs up to a meandering creek, which gives the lots an added dimension to their look and their values.

The third phase will be on the opposite side of the property and will connect back to Gary Lane. This phase will have 35 lots for prospective builders and homeowners to choose from. Overall the Lost Oaks master plan calls for more than 400 single family homes, multi-family, retail, and commercial space as well.

The Waco Real Estate market has been shifting its growth trends towards the China Spring and Bosqueville areas for the last few years. That growth is expected to continue and even increase over the next few years. The Bosqueville area and specifically the Lost Oaks subdivision are poised to capture a large portion of the growth due to their long frontage on the China Spring Highway, proximity to the schools and the fact that the neighborhood is 3 to 5 miles closer to Waco than most of the other subdivisions in China Spring.

For more information on these lots or any others in the Waco area, please call Mark Felton at 254-495-1241.

Other projects that Frontera Development are working on include, Cotton Crossing & Rancho Lorena.

Homestead Independent Living Begins Construction Near Providence Health Center

2007-09-18T12:45:00.000-05:00

WACO (Waco Tribune-Herald) – The Homestead, an upscale community designed for independent, mobile seniors, is being developed on about four acres at Old McGregor Road and American Plaza.
Local developers Spike Pattillo and Russell Trippet will build 21 two-bedroom residences featuring full-service kitchens instead of the community dining hall seen in similar developments. Monthly rent will range from $3,150 to $3,550.
The Homestead, situated near Providence Health Center and the KWTX-TV studios, is scheduled to open next June.

Frontera Development Breaks Ground on "Lost Oaks"

2007-01-05T20:41:00.001-06:00

Press Release:
January, 5th 2007

Frontera Development has secured a 28 acre tract of land across from Washington Lane on the China Spring Highway that will become a 4 phase 80 lot subdivision. The lots will mainly be marketed to builders who are seeking to build in the "starter home" and "mover upper" catergories.

The first ground was broken this week and lots should be available for delivery to builders sometime in the summer. Financing was provided by Central National Bank and the construction contract was awarded to Barnett Contracting.

"Mark Felton, the owner of Frontera Development says he chose the property based on the continued growth in the Waco-China Spring Corridor"

Frontera Development is a full service real estate development firm based in Waco, Texas. The firm focuses on residential, commercial developments and master planned communities that emphasize the values of New Urbanism and Traditional Neighborhood Development. For more information, contact Mark P. Felton II at 254-495-1241.

Frontera Development is currently working on other projects in the Waco area such as Cotton Crossing & Rancho Lorena.

www.cottoncrossing.net
www.rancholorena.com
www.frontporchhomes.blogspot.com