Property Overview
Priced at $14.64/SF, this approximate 2-acre hotel site is located in Lewisville, TX, near the Music City Mall. The site fronts Vista Ridge Mall Drive with approximately 287 feet of frontage, and is situated in front (north) of the Holiday Inn Express. It is nearly square in shape and, according to City Planning, contains 88,819 SF.
Lewisville’s diversity includes manufacturing, healthcare, technology, and retail, much of this possible due its advantageous location to DFW airport, major freeways, recreation centers such as ATT stadium, Choctaw Stadium and Lake Lewisville, and other urban centers in Grapevine and Irving.
According to the Lewisville Planning Department, the LI zoning allows for several uses including hotels but does not allow an “extended stay” hotel outright. However, an extended stay hotel may be possible with a Special Use Permit. More specifically, Sec. 6-182 spells out a number of requirements regarding hotels:
> The Minimum Guest Room Size shall be 325 square feet of floor space
> The hotel must be all interior corridors
> A minimum of 120 guest rooms is required
> All new construction shall have a minimum of four stories in height; two of the following
five items must be included:
· Fitness facility – Minimum of 400 square feet
· Indoor/outdoor pool – Minimum 1,000 square feet
· Spa/sauna – Minimum 800 square feet
· Gift shop – Minimum 400 square feet
· Outdoor atrium/plaza with seating space – Minimum 1,000 square feet
> Additional requirements call for at least three of the following five items:
· Enhanced landscaping standards to include trees, shrubs, and decorative
landscaping features
· Restaurant or bar which provides service to the general public and hotel guests
· Meeting space of a minimum of 1,500 square feet
· Height increased to five or more stories
· Enhanced building materials:
« Eighty percent stone or brick veneer or a combination of those
« EIFS shall not be used below nine feet from the finish grade
Lewisville has proven to be a viable and profitable hotel market evidenced by the recent addition of a LaQuinta Del Sol and Home2Suites hotels. Further, the Holiday Inn Express, adjacent to the subject site, recently sold at a very strong price. Multiple offers were received. Reports are that the hotel has performed very well since the sale.
Property Highlights
| Asking Price | $1,300,000 |
| Location | I-35 & TX-121/Sam Rayburn Tollway |
| Property Description | Other |
| Site Size | +/- 2.039 |
| Year Built |
Unknown |