According to the University Board of Regents, the property was appraised in May 2017 to value $3,875,000. The owners, Jerry D. Fields and Linda Gregg Fields, have a separate appraisal…
To prepare for future land needs, Texas State University has identified several properties around San Marcos for potential acquisition.
Last month, the Texas State University System Board of Regents discussed the authorization to acquire a 14-acre parcel off of Sessom Drive across from the Texas State Campus.
In 2011, Casey Development proposed a mixed-use project for the same parcel of land. From 2011 to 2013, Casey negotiated various projects for the site.
The final proposal that was denied in 2013 would use 9.5 acres, which included 2.33 acres of on-site open space.
The city would also have the option of receiving an additional 4.6 acres of parkland.
Casey agreed to follow water quality and environmental measures that exceeded requirements of the city code.
The multifamily mixed-use project would have 380 units and 800 bedrooms as well as
16,000 square feet of retail.
The project was expected to be valued at $60 million, which would have provided the City of San Marcos $318,000, San Marcos Consolidated Independent School District $810,000 and Hays County $255,000 in property taxes per year.
The student-oriented multifamily project would have added no additional burden on the School District while providing significant property tax revenues to the City, County and School District.
However, after years of staff’s negotiations with Casey Development, the project failed to make it through the San Marcos City Council.
According to the University Board of Regents, the property was appraised in May 2017 to value $3,875,000. The owners, Jerry D. Fields and Linda Gregg Fields, have a separate appraisal value of $4,650,000.
The Fields have agreed to sell the property at the University’s appraisal price and will be donating the difference between the two appraisal values to the University as a partial gift of real property.
In 2014, multiple small acreage residential parcels were assembled, and there are four residential homes currently under lease to students.
Unlike Casey Development, the University will only be required to follow state and federal environmental regulations, and the City of San Marcos will have no say in what can be built on the property.