May 24, 2008PalmRidge Park A Mixed-Use Real Estate Property for Sale in McAllen, TX.

May 24, 2008 PalmRidge Park

PalmRidge Park

A Mixed-Use Real Estate Property for Sale in McAllen,

TX


Ridge RoadMcColl


Overview

The property comprising PalmRidge Park has been master planned and deed restricted to protect the long-term value of the real estate. The deed restrictions are recorded in the Hidalgo County Court Records and are available for review. The deed restrictions include architectural, landscaping, cross parking and access and general guidelines for the on-going park development. Currently, 11 acres are zoned C-3 (heavy commercial) with the remaining commercial zoned but not subdivided.


In the Neighborhood Medical

McAllen Heart Hospital Adjoining the development

Rio Grande Regional Hospital UHS McAllen Medical Hospital South Texas Cancer Center Veterans Nursing Home

In the park

Residential Surrounded by highest household income in south Texas New single-family subdivisions

Commercial Las Tiendas McAllen Pavillion Sam’s Club & Walmart New HEB Ridge Crossing Shopping Center available for purchase


In the Park Medical

McAllen Heart HospitalAdjoining the development

Veterans Nursing Home In the park

Residential Approximately 39 acres zoned for R-1 and R-2

Commercial 11 acres C-3 zoning 27 acres C-3L zoning Ridge Crossing Shopping Center


Demographic Radius


Demographic Information

1 miles 3 miles

5 miles

10 miles

Population (2006)

4,464 81,157 192,335

431702

Average Household Income

$99,504

$53,408

$49,274

$48,123

Median Home Value (2000)

$109,044

$68,830

$66,316

$62,345

Total Housing Units (2000)

1,970 24,839 55,520 122,932


Palm Ridge Park


Zoning for Available Land The zoning map of the land

areas to the right of this paragraph reflect the overall size and scope of the property. The original property was a farm owned by the family. Since the 1980’s, Rio Grande Regional Hospital, McAllen Pavillion Retail Center, the Heart Hospital, Camelot Retirement Center and Frost Bank were built on land orginally owned and then sold to these entities. These developments have solidified the value of the area and have established market value for the properties.


Future extension of McColl Rd. to access Military Hwy. And bridges to Mexico

New roadway extension


Office Park Site

Office Development Site

The site adjoining the retail center on the west has been planned as a future office park development with cross access and parking with the surrounding properties. This location is ideal for Heart Hospital doctors and ancillary facilities.

The planned office grouping utilizes approximately 60,000 sf of commercial land. The master planned design will be included in the proposed purchase of the property. Asking price for the land is

$650,000.


Commercial Land

The 4 plus acre site located at the intersection of McColl Rd., Wichita Ave. and “D” Street is zoned C-3 (high density commercial uses). The site is ideally suited for mid-rise condominium or mid-rise office. Asking price is $14.00 psf.


Hotel Development Site

This site is zoned C-3 (commercial) and has been designated ideal for a hotel use. The C-3 zoning allows for maximum density of use, including hotel, office, retail or other high density commercial use. Sale price is $13.00 psf.


Residential Land Sites

The residential land components of the planned development include approximately 28 acres east of McColl and the balance of 5 acres west of McColl. The R-2 zoning is for townhouse/two level condominium, zero lot line homes with the R-1 zoning for single family residential only. The average price per acre in the immediate area is $100,000 or developed $4.00 psf.


Ridge Crossing

A 32,000 sf neighborhood retail center available for sale. Phase II is complete as of May 1st, 2008 and is 50% pre-leased. The 4 remaining spaces are in negotiation for lease and the pad site is under a letter of intent.

$5,500,000


Ridge Crossing Tenant List


Contact:Katherine Zeigler

Tele: 956-453-5211Email: [email protected]

$17,000,000excluding Ridge Crossing Shopping Center

mailto:[email protected]


PalmRidge Park

McAllen, TX

May 24, 2008PalmRidge Park A Mixed-Use Real Estate Property for Sale in McAllen, TX.

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