Billion-dollar development could break ground in Sherman in the next couple months
SHERMAN, Texas (KXII) - A billion-dollar development could break ground in Sherman in the next couple months.
The city says it will be the first of it’s kind in this area and hopes it will bring thousands of new people to town.
They’ll start with the roads and water lines people eventually living there will need.
Sherman City Council approved the first phase of construction and an $11 million plan for infrastructure for Bel Air Village.
The city and the developer will each contribute around $2 million for the infrastructure and future homeowners will pay around $7 million with property taxes.
This is all for phase one of construction, which will include streets, sidewalks, landscaping and water.
Bel Air Village will be east of Highway 75 and south of FM 1417 with 1,000 homes and several thousand apartments, a small shopping center with restaurants, all built around a lagoon-style swimming pool, which will be open to the public.
City spokesman Nate Strauch says Sherman will foot the bill for major roads and water lines.
The developer,Terra Perpetua LLC, will pay for smaller streets and water lines within the development.
The remaining cost will fall on people who will will live in that district.
Strauch says Bel Air Village will be a game changer for the City of Sherman.
”This is a huge deal for Sherman. I mean you’re talking about hundreds, if not thousands of man hours that have gone into planning and developing this, kind of putting all the pieces together to try to bring this really unique development. Something that the folks of Grayson County have never seen before to Sherman,” Strauch said.
Around 330 homes will be built in this phase and could be going up by as soon as this summer.
Strauch says the homeowners will have the option to pay up front or over time.
It will be on their tax bill and the amount they pay will depend on the size of their lot.
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