Economic rebound: Peachtree development back on track

When developers began constructing a bridge across Mesquite Creek in 2008 to connect Peachtree to the I-635 service road, they were starting work on a major project, Peachtree Town Center Development, to be located adjacent to the highway. Once the bridge was completed, the economy fell apart and funding for the project became almost impossible to obtain.

This left an unconnected bridge over the creek that led to no destination - or the bridge to nowhere, as it has often been referred to throughout the community.

The Peachtree Town Center Development was originally scheduled to be fully completed by 2012.

"When we started the project, we moved ahead with full steam; then the economics changed on us," said Roger Wurtele, Lang and Co. CFO.

Fast forward to 2013, and with an improving economy and an updated concept plan, the developer is back and ready to create a health-and-wellness type of development, known as Peachtree Health and Wellness Center, along the Peachtree / I-635 corridor.

"We took a step back and were able to take a fresh look at everything," Wurtele said. "We probably wouldn't have developed it in a way that would have fit well with Obamacare [had we finished it]. The new development is three times the size of the original one."

The Mesquite City Council was briefed on the redesigned plan during its work session on Monday, Feb. 18. The new plan will have a regional acute care hospital as the property anchor with a connected medical building adjacent to it. The original development plan did not have a hotel in the plans but did offer a health and wellness component. The property will also feature restaurants and retail locations that fit in the health and wellness concept in addition to a natural park.

"A lot of people drive past Mesquite to Dallas for health services. Based on studies, we believe you can do more," said Jim Ray, president of The Verde Group and part of the development group. "We will focus on the health of the mind, body and spirit continuum, which will enhance the quality of life in the community."

"This sounds very exciting to me. I think we are all way conscious of the health care [needs]. It's a really great location over there, and I am really excited about it," said Shirley Roberts, deputy mayor pro tem.

The developer asked the city to support the creation of a municipal management district so that the development could be self-taxing. Municipal management districts are created through the Texas Legislature by special act. A municipal management district is a political subdivision of the state and distinct from the city of Mesquite. Legislation subjects exercise of certain district powers to city approval. A district must enter into project development and bond issuance plan with the city.

The Legislature created municipal management districts to promote, encourage and maintain employment, commerce, transportation, housing, tourism, recreation, arts, economic development, safety and public welfare within the district's boundaries.

"To do the project correctly, we had to find a way to do pay for the infrastructure costs and the costs to maintain the development," Ray said. "The management district is a mechanism to allow us to generate money over time."

The city council on Monday unanimously approved a resolution supporting the creation of the district, which, if approved by the Legislature, will be known as Mesquite Improvement District No. 1.

Once the district is approved by the Legislature, a development plan will be presented to the city council for approval. Once the plan is approved, the first phase of the development can begin.

"Large projects like this take a long time to do. The first phase will include a 40,000-square-foot professional building and a 108-bed hospital, which will be expandable," Ray said. "At full build-out this will be a $300 million medically integrated health and wellness campus."

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