A pre-development meeting with the City of Fort Worth yielded information that make the West Magnolia lots in Mistletoe most unmarketable.
W. Magnolia is a very narrow street earning it a city designation of 'limited local access street.' This means no on street parking, and four parking spaces required per home, or residential unit. Additionally, there is inadequate city storm water management in the area, so the city has dubbed that region of Mistletoe 'flood prone' meaning the buyers of at least 3 of the 6 lots would need flood insurance. As if that were not enough, the city will not be paving their platted right of way along the railroad tracks, but said the builder (me) could do that so that a firetruck could circulate. That is not the kind of cost that could / or should be passed onto a homebuyer. Paving city streets is a very expensive undertaking, and most certainly cost prohibitive.
Flood insurance is not cheap, and most of my buyers like to have guests over, so those issues are a deal killer. We pulled our signs this morning, and are in the process of releasing the lots back to the seller.
I am most disappointed in this news. We are currently seeking lots to build these featured homes. I will keep this site updated when we find them........
