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Dallas / Fort Worth Real Estate Blog

February 18, 2007

Housing boom in far north Fort Worth has impact on 2 districts

Posted on Sun, Feb. 18, 2007
Northern explosion

By SARAH BAHARI
STAR-TELEGRAM STAFF WRITER

A handful of years ago, sprawling pastures covered much of far north Fort Worth.

But in recent years, new jobs and affordability spurred housing growth there, and sprawling subdivisions soon replaced those fields. School districts quickly scrambled to hire demographers and population forecasters, more teachers and principals.

Many parts of the country have seen their housing markets slow down in recent months, but far north Fort Worth is still growing. And two Northeast Tarrant County school districts -- Keller and Northwest -- still face years of dealing with that growth.

"We have a strong community and a strong economy here," Northwest Superintendent Karen Rue said. "That's drawing a lot of people."

Officials in both districts say the key to success is planning and monitoring growth.

But Keller can now see the finish line, while Northwest is still in the early stages.

Across Texas, about 125 districts are considered fast-growing. That means the district's enrollment climbs by 10 percent or 3,500 students over five years.

Keller and Northwest see that much growth every two years.

Projections show the Keller district topping out with 38,000 students in 2014. It now has 28,000 students and adds about 2,000 students each year. A fourth high school will open in August 2009, and district officials do not plan any more major bond elections.

"We're starting to see the beginning of the end," Superintendent James Veitenheimer said. "But it's still a ways off."

The Keller district covers 51 square miles and draws students from nine cities, including Keller and Fort Worth.

Northwest, on the other hand, covers 232 square miles and parts of 14 cities, including Fort Worth, Trophy Club and Roanoke.

It has about 10,500 students, double the number from five or six years ago, and is expected to double its enrollment again in five years. Current projections show the district could reach 44,000 students by 2022.

But, if all parts of the district get developed, Northwest could eventually reach a maximum 114,000 to 120,000 students, district officials said.

Growth to continue

"We have the potential for phenomenal growth," said Dennis McCreary, Northwest's assistant superintendent for facilities, planning and construction.

And that shows no signs of changing.

Overall, Dallas-Fort Worth has escaped the housing slump seen on both coasts, said David Brown, director of the Dallas-Fort Worth office of MetroStudy, a consultant for the housing industry.

But far north Fort Worth is undoubtedly the star in the Metroplex. In 2006, it grew by 6,000 homes, Brown said. The next two fastest-growing areas -- Frisco and McKinney -- had the combined growth of north Fort Worth.

"Job growth and affordability are the big driving factors," Brown said, adding that he has heard of people selling their homes in California and paying cash for a house here.

Homes in far north Fort Worth typically sell for $175,000 to $185,000, housing experts say. The housing market may ease up just a little this year, Brown said. He estimates that 5,500 homes will be built in far north Fort Worth this year.

Ted Wilson, partner at housing analyst Residential Strategies, said developers got a little ahead of themselves last year, causing a surplus. So builders are pulling back.

Even so, Wilson said, far north Fort Worth "has seen extraordinary growth and will continue to be very solid."

Officials in the Keller and Northwest school districts say they do not expect growth to dwindle. But if it does, they will adjust building plans.

Northwest has already adjusted its construction schedule to deal with rapid growth. Officials have moved up the opening of a new school near Harmon and Winter Hawk roads in Fort Worth by a year, to August 2008.

The district will probably decide this spring whether to have another bond election, McCreary said. Northwest voters passed a $224.5 million bond package in 2005.

Services lagging behind

In the Keller district, not much land is left to develop. Now, district officials are watching for construction of large apartment complexes, which could quickly create an influx of students.

"That's always the wild card for us," Veitenheimer said.

In Keller's case, the other wild card has been inadequate streets and sidewalks.

Administrators decided last summer that the roads near the new Trinity Meadows Intermediate and Trinity Springs Middle schools were too dangerous for many students to walk to school.

The city of Fort Worth picked up the tab to bus students who live near three schools in the city until sidewalks, crosswalks and traffic signals are installed. But many residents complained that officials waited until the last minute to make plans.

Then, two children, ages 7 and 9, were struck by cars last fall in separate incidents while walking home from schools in far north Fort Worth.

Fort Worth City Councilman Sal Espino, who represents the area, has promised that the city will work harder to provide relief.

Veitenheimer said the two sides have developed a strong working relationship.

"No one has a magic wand that will create a road," Veitenheimer said. "We both have to rely on each other to be successful."

Northwest hasn't had the same problems, although some Fort Worth neighborhoods do not have adequate streets leading in and out of them, McCreary said.

While officials in both districts concede that growth does present challenges, they say it provides even more opportunities.

"Fast growth is a challenge, but it's better than the alternative," Veitenheimer said. "We're in a good position."

District snapshots

Keller

Student population: 28,000

Schools: 31

Area: 51 square miles, drawing from nine cities

Growth projection: 38,000 students by 2014

Northwest

Student population: 10,500

Schools: 14

Area: 232 square miles, drawing from 14 cities

Growth projection: 44,000 students by 2022

Posted by bkleinhe at 07:44 PM | Comments (0) | link-it |Find more in Dallas Real Estate

January 30, 2007

Dirt to turn on condos


Two projects will start going up near downtown in the next week
09:11 AM CST on Thursday, January 25, 2007
By STEVE BROWN / The Dallas Morning News


Developers are breaking ground during the next week on two long-awaited Dallas condominium towers.

Work will begin Friday just south of downtown on the 10-story Beat condominiums.

And on Wednesday, builders will start construction on the 22-story Tower Residences at the Stoneleigh Hotel in Uptown.

The concrete and glass Beat building will be constructed near the corner of South Lamar and Belleview streets, across the street from DART's Cedars light-rail station.

Plans for the project were announced in early 2006.

"We are just over 30 percent sold," developer Jack Matthews said Wednesday. "We will have the first units ready in December."

There are 75 units in the building, with prices starting at $182,400. David Griffin & Co. Realtors is marketing the project.

The Stoneleigh tower, which has been in the works for more than two years, will contain 97 condos and will be built adjacent to the historic Stoneleigh Hotel on Maple Avenue north of downtown.

A $25 million renovation of the hotel began late last year. Developer Prescott Realty Group and partner Apollo Real Estate Advisors are building the tower.

"We hit sales expectations in the fourth quarter and decided to go ahead and break ground," said Jud Pankey, president of Dallas-based Prescott Realty Group. "We will be delivering units the end of 2008 and the start of 2009."

Condos will start at around $400,000. Allie Beth Allan Realtors is marketing the building.

Posted by bkleinhe at 04:55 PM | Comments (0) | link-it |Find more in Dallas Lofts and Condos

 

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