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I can promise you, there is no-one more thrilled than I to see all of this new, high end retail coming into Fairview and Allen! I have spent the last ten years fighting the objections of potential Fairview and Lucas home buyers who said there just wasn't enough retail in the area. I heard repeatedly "I have to drive south to Plano (or beyond) to find an upscale restaurant or anything that resembles high end retail". And until the early 2000's, what they were saying was true. But that has all changed.
A Little History of Retail In Allen and Fairview
The Allen Premium Outlet Mall was the first test of the high end retail market in the early 2000's. Located at the NWC of Stacy Rd and Hwy 75, the development proved to be hugely successful (and still is) and apparently convinced other developers the time was right to bring in some major retail into the area. Retail will explode in 2008!
By the end of 2008, The Village of Fairview (NEC of Stacy Rd. and Hwy 75) will have about a million square feet of retail, restaurants, and an 8 story, 210,000 sf Hammonds Hotel. You will be able to shop at Dillard's, Macy's, JC Penny, Barnes and Noble and Container Store.
Another 900,000 SF of retail is coming in right across the street (SEC of Stacy Rd and Hwy 75). That development will feature even more restaurant, office, and a 7,500 event center.
If that isn't enough growth for one year, a third major development is nearing completion at the SWC of Bethany Rd and Hwy. It is called Watters Crossing at Montgomery Farm and will offer more retail, office, restaurants, and residential. They have commitments from Borders Bookstore, Market Street, PF Changs, Mi Cocina, Chico's, and Anny Taylor Loft.
So What Does All Of This New Retail Mean To The Area?
Allen and Fairview (and to a lesser extent Parker and Lucas), have definitely arrived. There is no doubt in my mind this retail is going to add substantial value to the homes in the area. If nothing else, it is going to introduce these towns to people who never knew they existed. Once people discover what these towns have to offer, no question, it is going to create more demand for their homes.
Keep in mind, there has never been anything to encourage or entice people to stop and see what is down Stacy Road leading into Fairview. Not even an exit sign for Fairview on Central Expressway (Hwy 75)! I still talk to Allen residents who have never heard of Fairview or Lucas, and those towns touch their city. The retail is going to draw those home buyers in.
What's Going To Keep These Towns From Turning Into Just Another Crowded city?
I can answer that question in three words ... lack of sewer! Without a sanitary sewer system (which is found in every major city in the area), Fairview and Lucas will not have apartments or high density residential. Septic systems need at least one acre of land to work effectively, so that is the minimum home lot size allowed in the area. Even if the town wanted to rezone to smaller lots (which they don't) the EPA would not allow it for that very reason. That is the only thing that will continue to keep our population down and apartments out. At some point in time, sewer may be forced upon Fairview and Lucas, but hopefully we will already be completely developed into one acre minimum lot sizes before that happens.
You will see three exceptions to the one acre minimum lot sizes in Fairview and Lucas ... the area around the new Village of Fairview (since that will have sewer), Seis Lagos (which has its own sewer system), and Heritage Ranch (which was issued a permit to tie into a sanitary sewer system). That's another story of its own. Drive down Stacy Road and look at the distances of spacing between homes on the south side of the road (Allen with public sewer) and the north side (Fairview without public sewer)
Most people don't know a lot about septic systems and many have the preconception they are a problem. They might even have known someone who used to live in a home with a septic system with problems. Those were the old days. Aerobic septic systems are now basically mini-waste water treatment plants. They are definitely "not your father's Oldsmobile"! Every million dollar home you see in Fairview or Lucas has its own septic system, so they just aren't issues any longer. Here is an article I wrote some time ago on how they operate.
What Does This All Mean To People Living In Fairview and Lucas?
Where else in the Metroplex can you be walking your one acre (or larger) lot and 10 minutes later shopping at Bloomingdale's or Macy's? Or having lunch at a fabulous Chinese, Mexican, or French Cuisine restaurant? You won't find that in Dallas or Plano. We are right on the cusp of a major transformation for Fairview and Lucas. We are closing on some homes right now at prices which will be very hard for people to believe in a couple of years.
I know full well there are many Fairview and Lucas residents who will say "Who needs retail, restaurants, office space and hotels? We don't want more people driving into our community! Who needs the traffic? We like it the way it is." While I can understand their point of view, and to some degree agree with it, it is going to happen. The only consolation I can offer is A) they will reap the benefits when they decide to sell their home and B) they will have some great conveniences within a few minutes of their home until they do so.
I'll bet many of the residents who oppose the retail right now in its infancy, will eventually become so comfortable (and spoiled) with all the conveniences it offers, they will decide it isn't so bad after all. They will come to the conclusion it hasn't impacted their quality of life one bit. Of course, if they decide they want "out", I hope they will give us a call. We will sell their home to someone who is looking for exactly what they have :-)
I have been saying this for 10 years now ... "With its incredible schools, great location, big lots, and now, first class retail, Fairview will be the Highland Park of the North". Although Lucas will probably always be a step behind Fairview in panache appeal, there is a trade-off. Lucas gives you more land, more "bang for your buck", and still, the great Lovejoy schools. You might have to drive 10 minutes to get to the high end retail rather than 5 minutes, but you are also a bit more secluded from the traffic off Hwy 75. We live in Lucas on a big, 2 acre lot ... and we love it!
You certainly don't have to be a millionaire to live in Fairview or Lucas ... but you'll sure feel like you are!
Tom Grisak Estate Homes Realtors, Inc - Texas License # 0329533