The Village development changes to fit evolving market
Developers are adjusting plans for one of Sherman's major planned development communities to better reflect the current market trends and demands.
The Village was initially described as a more than 500-acre development along the intersection of FM 1417 and W. Travis, adjacent to the Sherman High School.
Early plans submitted in late 2019 included more than 2,300 new residential units ranging from single-family homes to multi-family developments. However, development on the project has been slow and little to no groundwork has been completed.
"Over the last two years, Munson Realty has met with several different development entities in both the commercial, industrial and residential markets," said John Ruggieri who represented developers Munson Reality before the City Council. "What we found through that process was we needed to go in and fine-tune the PD to make it more applicable to the current market."
The original PD was roughly broken into three districts with the western portion designated for future residential and mixed use development and open space, while the eastern side was designated primarily for employment and commercial zoning.
In between these two uses will sit the Village Center: a nearly 126 acre mixed-use development centered on commercial, residential and transitional zones aimed at supporting the nearby high school. Next to it, a greenbelt will separate the village center from the eastern district. These portions of the development are not expected to change in the amendments.
"We think that eventually that is the crown jewel," Ruggieri said, describing the village center. "We have to start with the perimeter and allow it to fill in as the market wills."
The western area will be redesignated as the the west residential zone and will primarily focus on multi-family and single-family homes with some mixed-use on the eastern borders.
The eastern zone has also been adjusted to primarily focus on residential uses, with the majority of the employment zone removed. The zone does now include two sections of commercial uses bordering Travis and FM 1417.
"The reason we did that was because in the event that there is the opportunity for job growth in the area, we felt that would still continue to give about 70 acres of employment in there, which we feel is important to do," Ruggieri said.
The Village was the second of now four planned developments to be submitted by the city, following Bel Air Village.
When put to a vote, the council approved the changes to the zone with little discussion.