Real estate sale could bring new growth to Glen Rose

A sign at the Stoneview site advertises the real estate auction. Photo by Kathryn Jones

A sign at the Stoneview site advertises next week’s real estate auction. Photo by Kathryn Jones

By Kathryn Jones

Editor

The properties to the north, south, east and west of the U.S. Highway 67-State Highway 144 intersection have three things going for them – location, location, location.

Hayfields, a strip retail center, a vacant restaurant, the Holiday Inn Express & Suites hotel and a limestone hill developed with roads and utilities lie along the busy intersection. Of all the places in Somervell County where future development is likely to happen, this is one the prime locations.

Real estate developer Larry P. Smith bought 750 acres on the southwest side of the intersection in 1981, initially planning to resell the property at a later date. Since then “the hill” has become home to several housing developments, a future site for Glen Rose Independent School District facilities, the International Texas Longhorn Association headquarters, several businesses, a dinosaur track-way now owned by the county and, of course, the Texas Ampitheatre.

The hill also supplied limestone for homes in Dallas-Fort Worth, including a show home featured in Southern Accents magazine.

Smith started developing a 279-acre tract at the intersection called Stoneview for future new homes and businesses. But after sitting there for several years with no buyers and Smith’s decision to move outside the area to be closer to family, time ran out. The Stoneview property will be auctioned Tuesday, June 24, at 11 a.m. at the Holiday Inn Express & Suites across the street from Stoneview.

“It is the premier property here because of its location and the amount of work that’s been done on it,” Smith said in an interview. “We’re trying to bring in a quality developer with financial backing” to continue the development.

The market will determine the size of the bids in the auction, but Smith has set a reserve price of $1.25 million.

Two tracts — one 12 acres and the other 24 acres — also will offered at the auction. The acreage lies along FM 56 South and adjoins the Glen Rose city limits. Water is available for those sites from the Somervell County Water District water, Smith said.

At the end of the sale, more than 300 acres of minerals also will be auctioned separately.

Tom Hanley, president of real estate auction company Tranzon Hanley in Fort Worth that is handling the auction, said in a phone interview that the “strategic location” of the property likely will be a big drawing card for bidders.

Last month’s opening of the Chisholm Trail Parkway, a toll road that links Fort Worth to Cleburne, also will help, Hanley said. The toll road cuts the commute by at least 20 minutes.

“That’s huge,” Hanley said.

The auction has been advertised in regional and national publications, including The Wall Street Journal, generating inquiries.

“Interest has been steady,” Hanley said.

He added that he has “no doubts” the property will sell.

“It’s a no-brainer,” he said.

Smith said he hoped that the ultimate purchaser would “bring the highest and best use of Stoneview to benefit the community.”

“Glen Rose must grow in an orderly fashion to improve the economy and provide new jobs, increase business and housing, while preserving and enhancing the quality of life,” he added.

 

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