Available Housing

Since development of the property may likely involve corporate offices, commercial, local office, and retail uses, proximity to housing opportunities for the employees of these businesses is important.  In addition to the adjoining Village at Ledge Stone, a 234-home community developed by DHI, there are numerous excellent neighborhoods and master planned communities within reasonable distances (5 to 15 minute drive times) of the site having housing prices ranging from the low $200s and up.    These include Belterra, a 1,700 acre / 2,000+ home master planned community that began in early 2003 located directly across US Hwy 290 West from the property.  Belterra has homes ranging from the low $200,000s going up to over $500,000.  Adjoining Belterra to the south is Highpointe, a 740 acre Pulte Homes private, gated community featuring 1,025 home sites with pricing similar to Belterra.

In addition to these great communities, there are several other housing developments within short driving distances of the property.

Improvements

The only improvements are located on Tract 1.  It has an approximately 1,600 square-foot stone building (formerly the ranch house) that is currently being used by DHI for its Austin Operations office.  Additionally, there is a fully enclosed, metal, concrete floor three car garage and storage area plus a large livestock barn and a small dilapidated ranch hand house. In the event of a sale, Seller would either vacate the premises or would consider a lease-back of the office for a mutually agreed upon period.

Lease

Pulte Homes has a ground lease on a small area (less than 10,000 sf of land area) located on the 290 frontage of Site 1 approximately 600 feet east of its west property line.  The leased area will be used for a small temporary sales and information center to be used for their Highpointe development.  The lease commenced in February, 2005 and is for four years with two one-year options at a monthly rate of $500 NNN.  Pulte Homes has indicated verbally that they have not determined how long they will actually utilize the facility area.