On Tuesday night, the Greenville City Council cleared the way for the possibility of new homes and multi-family housing units being added to the city’s rapidly shrinking inventory in the coming months by granting a pair of zoning changes that could lead to new development.
The two projects in question — both located along Farm-to-Market Road 1570 — would add about 250 homes to the city’s inventory — most would be priced in what is considered to be an affordable range — under $300,000.
The one project — the Cottages at Coyote Crossing — is a unique development that would add 168 detached homes that can be rented within the confines of a gated community.
Believe it or not, these kinds of projects are badly needed in Greenville — along with a lot of Texas. If you visit one of the many real estate websites, you will find an interesting narrative taking place across Greenville and that is there are increasingly fewer and fewer affordable homes.
Zillow currently lists 31 homes priced under $250,000. Most have only been on the market for a few days.
We found one home that was priced at $127,300 but it probably needed that much work, especially on the outside. The home, which was allegedly constructed in 1950 (we suspect it’s much older), is dated in just about every way possible.
And if you’re budget can be stretched from $251,000 to $300,000, you’re going to have fun looking through the eight listings. Yes, you read that right — eight listings. One of those, we will admit, is a cool deal at $269,989 and is a 4,360-square-foot gem on Stonewall Street. So, yes you can get a lot for the money.
However, the challenge is that housing, along with infill projects, is going to be critically important as the Dallas area continues its push outward in all directions. There are plenty of indicators to suggest that the coming months, as we continue to escape the coronavirus pandemic, that this area is set for a major boom, but we can’t do that without housing opportunities.
The City Council’s vote on Tuesday night was a step in the right direction in opening the market up to new builders and to those with innovative ideas — like those at Coyote Crossing.
While there is some complaining about the preponderance of apartments and multi-family housing, the truth is that many people are going to want to look at rental housing for a wide range of reasons — especially coming out of the uncertainty caused by the coronavirus pandemic.
If developed, this 168-unit rental complex will be smartly planned and offering a range of housing options from one-bedroom cottages to three-bedroom homes. The project is all neatly wrapped up with walkways and a small lake. These are the kind of projects that Greenville will require in the months and years to come.
Tuesday’s decision was a good one for the future of Greenville.