The Denison Planning and Zoning Commission approved two requests last week related to proposed developments at the Foundation Business Park. The requests set the stage for the full build out and development of land within the industrial park.
The first request was made by the Denison Development Alliance for a conveyance plat for 48 acres of land at the business park, which is located near the intersection of Wayne Cabaniss Drive and State Highway 91. In mid-November, the DDA approved the sale of 50 acres of land at the park to R&A Inc. for the development of new shell buildings for future industrial tenants.
“We are partnering with a third-party developer that brings to the table the ability and desire to build and lease out industrial buildings,” DDA President Tony Kaai said Wednesday. “We are out of buildings and are in need of more.”
This comes as the Denison area has filled all but one of its major industrial facilities. The only remaining developer site is a 30,000-square-foot facility on Commerce Drive. About 80 to 90 percent of the industrial prospects that come before the DDA are looking for existing facilities, Kaai said.
“When you don’t have properties like this to market, it can be quite difficult for growth,” Kaai said in November.
This conveyance plat is needed to sell the property and does not authorize direct development at the site. Before actual development, the property will need to go through preliminary and final plat processes, engineering and a site plan review.
As a part of the sales agreement, the DDA agreed to sell the property to R&A for $500,000. For each 20,000-square-foot building constructed within a certain period of time, the DDA would rebate $100,000 of the cost of the land up to the full $500,000 price tag.
If the developers complete 100,000 square feet of space within the first 48 months of the agreement, the developer will be eligible for a $100,000 bonus.
Currently the land is under a 60-day due diligence period before purchase.
The second request was made by the DDA for a preliminary plat for the final 14 acres of land at the business park. Kaai said developers were looking to build a new concrete batch plant at the site.
While the project would see the final 14 acres of the property developed for industrial use, Kaai said the deal has yet to be finalized and the parties are still in a due diligence period.
“Regardless of that, the property still needs to be platted,” Kaai said this week.
City staff noted in meeting documents that the project will require a conditional use permit to locate in light industrial zoning. The applicant has yet to apply for the permit as of the meeting.
The request was approved in a unanimous vote.