TX 56 & Mitchell Road presents a valuable opportunity to create a residential development on the path of growth for booming Sherman, Texas.

Zoned for single-family projects, this 68-acre parcel is ready to accommodate over 400 lots with a mix of 40-foot by 100-foot and 50-foot by 100-foot lots. It has multiple access points via Highway 56, Mitchell Road (private), and Bode Road (private). Buyers can also purchase private access from a parcel connected to Highway 56 for an estimated cost of $400,000 to $600,000.

All trees on the property have been cut, and the property is fully cleaned, mowed, and rough graded, providing a truly shovel-ready opportunity. The current owner is now getting permits to expand approved utilities from 60 to 400 lots and this process will be completed prior to the sale. TX 56 & Mitchell Road includes 7 acres of floodplain area that forms naturally ingrained green space for the development.

Sherman market conditions paint an immensely optimistic picture for developments here. The local economy is anchored by several institutions, including Tyson Foods, Texas Instruments, Wilson N Jones Medical Center, Texoma Medical Center, and Austin College. Texas Instruments is poised to invigorate the market with its new $30 billion semiconductor fabrication campus opening in 2025, which is projected to generate over 3,000 well-paying jobs. In addition, GlobiTech announced plans to build a $5 billion plant. As a result, these established and growing employment hubs have boosted migration to the area, and similar homes to those papered for TX 56 & Mitchell Road sell for $400,000 to $500,000. This site is ideally positioned near these operations and plenty of lifestyle amenities, cementing its residential allure for years to come.

Sale Notes:
The buyer will pay for the number of lots in the city support letter, and the buyer will be responsible for taking it to full entitlement; this is priced for quick sale as paper lots. If lots are lost during the civil engineering stage, the buyer can adjust that to the seller note carry.

Buyers can have the seller finance part of the deal at the fed prime rate. 35% owner financing is available.