Olde Towne Developer Gets Support from City Council
Irving City Council has authorized city staff to negotiate a line of credit to purchase property for the Olde Towne redevelopment project in South Irving, as presented by Lubbock-based McDougal Companies.
Chief Executive Officer Delbert McDougal briefed the City Council about the downtown redevelopment on Aug. 22. Plans under consideration include a mixed-use urban village complete with retail, residential, restaurants, offices and parks, centered on the Trinity Railway Express. City officials said the development area will include eight to 10 city blocks. Detailed plans will not be available for several months.
“Our goal is to entice people and new businesses to relocate to South Irving,” McDougal said. “The only way to get new businesses to come to an older area is to rebuild and revitalize the area so that it is more economically vibrant. We want to make Olde Towne a strategic investment that will attract people to downtown Irving.”
On Sept. 6, the City Council will be asked to approve a note repurchase agreement, not to exceed an additional $10 million, in regard to an underlying line of credit for land acquisition entered into between Delbert McDougal and Comerica Bank.
“Our residents have asked for the redevelopment of our downtown area for a number of years,” said Mayor Herbert Gears. “Mr. McDougal has had successful experiences in managing and planning these types of projects in other areas, and I think he is doing a great thing for our community.”
McDougal said his plan will focus on purchasing existing commercial property. There is a need for a small number of single-family homes for future phases of the redevelopment project.
Owners have the option to sell their property to McDougal or to retain ownership themselves. In addition, the city will not use eminent domain for the Olde Towne development. Under the terms of an agreement, property outside of the target area will not be purchased without City Council approval, unless it is funded entirely by McDougal Companies.
A development plan is expected to be completed by December with the first phase of construction to begin in 2008. The City of Irving plans to make available $15 million from the 2006 bond election to use on the approved public improvements, such as infrastructure and landscaping.
Olde Towne is one of several projects the city is pursuing to spur new economic growth. Other projects will enhance the Irving Boulevard corridor, as well as four-corner intersections such as Shady Grove Road and MacArthur Boulevard.
Inquiries about the Olde Towne program may be directed to Don Williams, Greater Irving-Las Colinas Chamber of Commerce, at (214) 507-5091, or David Leininger, City of Irving, at (972) 721-2521.