Sherman plans for land sale: 15 acres near SHS could go for $3-4M
Million of dollars of revenue could be coming to Sherman from the sale of land along one of its major growth corridors. The city council agreed to advertise bids for the sale of about 15 acres of city-owned land along FM 1417.
The land that the city is considering selling sits directly adjacent to the new Sherman High School on the hard corner of two major city streets, making it prime real estate for development, city officials said.
City officials said Sherman has contemplated selling the land for some time, but has held off in order to maximize the selling price. Now that the school is open, and road improvements in the area are complete, the city is ready to sell its land.
"We believe it is time now to look at selling this property and putting those funds to use on other capital projects," City Manager Robby Hefton said.
The land that the city is looking to sell sits at the intersection of FM 1417 and W. Travis Street. The land was not used during the construction of the school and was ultimately retained by the city, Community and Support Services Manager Nate Strauch said.
With the development of the school, and additional development expected nearby, Strauch said he expects the property to be in high demand for a variety of commercial uses. What the property will ultimately become will be up to the market demands, he said.
"Obviously a commercial development makes the most sense there, whether it is something simple like fast food that would cater to students or something more complex that would take advantage of the strategic position within the city and the future Munson development," he said. "It will really be for the market to decide."
Hefton said the city will set a reserve of about $3.5 million to $4 million and bids would be sealed. Based on this, Hefton estimated the price would be somewhere between $4 and $5 per square foot.
Hefton said the funds that are raised from the land sale will be used as a part of the capital improvements program.
"You could say that we are doing a dozen projects, at least partially, with those funds," Hefton said.