Schwartz Tract

ZONING for this acreage includes
• District “C” – Business district – Fire Zone as described in Sec.20-8 and
• District “D-1” Resort Area District as described in Sec. 20-9.1 in the Town of South Padre Island Code of Ordinances.

For the complete documents visit:
Town of South Padre Code of Ordinances, Chapter 20: Zoning (click to view)
Part I
Part 2

Beach and Dune Permitting may be needed during the planning period.

WETLAND NOTICE:

The United States Army Corps of Engineers (USACE) has determined that portions of the subject property contain jurisdictional wetlands. However, USACE has allowed the Owner to install drain lines to reduce and/or eliminate the standing water. Toward the end of summer 2010, the Owner will conduct a wetlands delineation for submittal to UASCE and it is anticipated that the wetland areas will then be determined non-jurisdictional and no longer under the purview of USACE.


 

HIGHEST AND BEST USE:

“In summary, it appears that the ultimate highest and best use for the subject tract would be some type of hotel or condominium development to take advantage of the beach frontage…” (Appraisers Opinion)

Although a more creative and conservative approach may be taken in today’s market, i.e. residential (Single Family and Townhome Dwelling) on the beach front and second tier, with the “center” section to be planned for mid to high-rise condominiums and the street frontage planned for commercial shops and/or hotel.

Tract I – “It is the opinion of the appraisers that…the highest and best use would be a speculative development tract held until such time as development for some type of mixed use motel/hotel and/or condominium use becomes financially feasible.”

Again, a creative and conservative should be investigated. See “Comparable Projects”  - The villas of South Padre on www.tgreo.com/SchwartzTract/

Tract II – “Contains 9.947 gross acres…It is outside the city limits of SPI…almost entirely tidal flats and wetlands… Considering all factors its highest and best use is to leave it in it native state, as a tract of wetlands.”  Although, a creative approach should be taken to investigate the maximum potential… i.e. elevated cabanas (residential/commercial) linked together by boardwalks… investigate County Zoning Uses.

LIST PRICE:

$ 12,900,000.00

$        64,500.00 per “Unit”

$               22.27 per “Buildable” Square Foot