Sherman sells off 15 acres of land near SHS
Sherman formalized an agreement Tuesday night to sell prime real estate on one of the city's burgeoning growth corridors. The city council voted unanimously Tuesday to approve the $3.65 million sale of about 15 acres of land adjacent to the new Sherman High School in what city officials hope will be the next big retail and commercial development for the city.
The land was part of the parcel that was initially sold to the school district as the site for the new high school. As a part of the agreement between the two entities, the city regained ownership of the 15 acres of unused land at the intersection of W. Travis and FM 1417.
"We are glad to be selling this property and putting the money to use for other general fund project purposes," City Manager Robby Hefton said in June.
The FM 1417 corridor has been a major focus of developers in recent years as developments including Schulman's Movie Bowl Grille, Bel Air Village and The Village have flocked to the corridor in anticipation of future growth.
The city put the land out for bid earlier this year and received a single response from Harkinson Management, LLC, who also owns the majority of the Sherman Crossroads development along the intersection of FM 1417 and U.S. Highway 75.
The city initially put forward a draft of the agreement in early June. However, members of the council tabled the request until a finalized version could be presented.
"Since that time, we've been working with (City Attorney) Ryan (Pittman) to develop the form that was used for this transaction," Hefton said. "Everyone is in agreement with the form and the terms as was bid with this project."
City Council Member Sandra Melton thanked Pittman for his efforts in drafting the finalized version after she raised concerns last month.
The city is anticipated to save about $200,000 on the transaction by conducting it through formal bidding process rather than through a real estate agent.
City officials described the transaction as a major win for the city and a significant return on its investment. The city initially bought the school site and the 15 acre pad site for $3.3. million, which was offset by a $2.7 million contribution by Sherman Independent School District.
"Effectively the city is taking a piece of land that cost us $600,000 and turning it into $3.6 million," Sherman Community and Support Services Manager Nate Strauch said in June.