May 24, 2008 PalmRidge Park PalmRidge Park A Mixed-Use Real Estate Property for Sale in McAllen, TX
Dec 27, 2015
May 24, 2008 PalmRidge Park
PalmRidge Park
A Mixed-Use Real Estate Property for Sale in McAllen,
TX
May 24, 2008 PalmRidge Park
Ridge RoadMcColl
May 24, 2008 PalmRidge Park
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.
May 24, 2008 PalmRidge Park
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
May 24, 2008 PalmRidge Park
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
May 24, 2008 PalmRidge Park
Demographic Radius
May 24, 2008 PalmRidge Park
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
May 24, 2008 PalmRidge Park
Palm Ridge Park
May 24, 2008 PalmRidge 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.
May 24, 2008 PalmRidge Park
Future extension of McColl Rd. to access Military Hwy. And bridges to Mexico
New roadway extension
May 24, 2008 PalmRidge Park
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.
May 24, 2008 PalmRidge Park
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.
May 24, 2008 PalmRidge Park
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.
May 24, 2008 PalmRidge Park
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.
May 24, 2008 PalmRidge Park
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
May 24, 2008 PalmRidge Park
Ridge Crossing Tenant List
May 24, 2008 PalmRidge Park
Contact:Katherine Zeigler
Tele: 956-453-5211Email: [email protected]
$17,000,000excluding Ridge Crossing Shopping Center
May 24, 2008 PalmRidge Park
PalmRidge Park
McAllen, TX