Pinegates Village Development Opportunity

• Onyx Legacy Group is pleased to present the exclusive offering of Pinegates Village Development Opportunity in Greenville, Texas. This expansive 17-acre parcel boasts a strategic MF zoning designation, presenting a remarkable opportunity for potential development, allowing for the creation of up to 408 residential units, or 24 units per acre. Furthermore, it's noteworthy that the City of Greenville has embraced the development of Affordable Housing, offering an additional avenue for housing initiatives. Pinegates Villages is nestled in the heart of Greenville, Texas, the property presents an exceptional opportunity for developers and investors to shape the future of this thriving community. Making it a potential haven for residents seeking a modern and convenient lifestyle. Greenville is a charming city nestled in the heart of Hunt County. Known for its warm Southern hospitality, picturesque landscapes, and a thriving local community.
• Pinegates Village Road, the artery to this development, provides easy access to Greenville's vibrant downtown area. Stroll along the historic streets, dine at local restaurants, and explore unique boutiques. And when you need a change of scenery, the nearby Landon Winery offers a delightful experience for wine enthusiasts, while the Audie Murphy/American Cotton Museum lets you explore the rich history of this region. In summary, the Pinegates Village parcel in Greenville, Texas, presents an exceptional investment opportunity due to its prime location, multifamily zoning, strong local economy, rising demand for housing, proximity to Dallas, access to quality education, scenic surroundings, local amenities, investment potential, and the potential for community building. It's a canvas ready for a developer's vision to create a thriving and profitable multifamily community.

Investment Hotspot: Greenville's Economic Ascendance

• Greenville is the County Seat and largest city in Hunt County, with an estimated population of 30,189. It’s a community rich in heritage, yet positioned for growth as new highway systems and connections are being planned for the continuing explosion of growth in the North Texas Region. Economically, Greenville has been a hub for commerce and industry in Hunt County. Historically, it has been known for its involvement in the cotton industry. Additionally, the city has seen diversification in its economic base with the growth of manufacturing, healthcare, and retail sectors. Greenville has attracted businesses due to its strategic location on Interstate 30, a NAFTA trade highway, and on U.S. Highways 380 & 69, in addition to major rail service, gives businesses the opportunity to manufacture and deliver products to points across the continent.
• Abundant low-cost land is a primary attraction for expanding and relocating business and industry. The Greenville Economic Development Corporation and City of Greenville continues to develop shovel-ready sites such as, manufacturing, light industrial, or warehouse and distribution. Most companies find the value of the land an attractive draw to Greenville, particularly as compared to land costs in the immediate Dallas-Fort Worth Metroplex. Companies already located and thriving in Greenville include L-3 Communications Mission Integration, Solvay Group, CNH Global, Fritz Industries, Masonite, Royal Oak, AB Mauri, West Rock, Innovation First International, International Grain and Cereal, FSTI, McKesson, Texas Book Company, OmniSYS, and many others.
• The total employment of existing Greenville establishments is almost double the number of the workforce represented by individuals living within City limits. Greenville’s strategic location enables employers to draw from not only the local workforce, but also from a larger radius that includes all or part of at least 13 counties – including heavily populated counties in the Dallas/Fort Worth Metroplex. The 899,000+ workers living within a 40-mile radius of Greenville represent an available labor force for both white collar and blue collar needs. Many of the 21,000-plus employees who currently work in the city find the commute easy and convenient.
• When you consider Greenville’s prime location, diverse transportation connections, low-cost land, abundant skilled workforce, and pro-business attitude, you’ll find Greenville offers you a location of superior value. What further enhances Greenville's allure is its proximity to Dallas, merely an hour's drive away. This geographical advantage positions Greenville as an appealing choice for professionals seeking a tranquil suburban lifestyle while maintaining convenient access to the bustling heart of the city.

Unlocking Affordable Housing in Greenville: Your Path to Impactful Development

• Greenville, a city on the rise, is underpinned by a robust and diversified economy, marked by thriving sectors such as manufacturing, healthcare, and education. This economic vibrancy ensures a consistent and ever-growing demand for top-tier housing solutions within the area. Furthermore, it's noteworthy that the City of Greenville has embraced the development of Affordable Housing, offering an additional avenue for housing initiatives.
• The City of Greenville, Texas, recognized the importance of affordable housing and had implemented several incentives and programs to encourage the development of affordable housing within the city. Please note that programs and incentives can change over time, so it's essential to verify the current offerings with the city government or relevant housing authorities for the most up-to-date information. Here are some common incentives and programs that Greenville provides for affordable housing development.
• Low-Income Housing Tax Credits (LIHTC): The city may allocate Low-Income Housing Tax Credits to developers for the construction or rehabilitation of affordable housing units. These tax credits can be used to attract private investment and reduce the cost of financing.
• Density Bonuses: To encourage the inclusion of affordable housing units within mixed-use or residential developments, the city may offer density bonuses. Developers can build more units than typically allowed in exchange for including a certain percentage of affordable housing units.
• Fast-Track Permitting: Streamlined permitting processes and reduced fees can expedite the approval of affordable housing projects, making it more financially viable for developers.
• Tax Abatements or Exemptions: Greenville might offer property tax incentives, such as abatements or exemptions, to reduce the ongoing operational costs for affordable housing developments.
• Fee Waivers: Developers of affordable housing projects may be eligible for fee waivers or reductions related to permits, impact fees, or other development-related charges.