Lynn Development announces Valor Park, a new 56-acre residential development in Bay City, Texas
Bay City, Texas (Wednesday, July 21, 2021) – Lynn Development has announced a new, first-class residential subdivision project in Bay City, Texas. The 56-acre tract located on Carey Smith Blvd., also known as 16th Street, between Nichols Avenue and Avenue M will be home to approximately 245 residential lots and amenities.
Valor Park, the 245 new home subdivision, has potential to significantly increase the City of Bay City’s tax base, as well as that of the Bay City Independent School District. Additionally, the project represents a possible enrollment increase of 490 new students for BCISD.
“Our mission is to positively impact the lives of our employees, clients, and communities,” said Stuart A. Lynn, P.E., Founder and CEO of Lynn Development, Matagorda County resident and native. “We are excited to provide affordable housing for Bay City residents beginning near the $180k price point. This development will help Matagorda County businesses attract and retain a talented workforce. It also solves a problem for the local school district regarding what to do with the property that had become a liability, while becoming a net positive for enrollment.”
Additional property taxes for 245 homes with an average value of $185,000 will generate an additional $27M for the district over the coming decade. At the current annual tax funding rate of $8,800 per student, and a demographic average of two students per household, the subdivision would potentially generate $4,312,000 per year in new revenue for the ISD once completed.
“We are excited about the sale of this property to the Lynn Group, and we see it as a win-win. We can’t wait to see what they will accomplish with this land, and we hope to see many BCISD families making their homes there,” said Dr. Marshall Scott III, Superintendent of Schools, Bay City ISD.
Lot sizes will allow for homes of various sizes to be constructed throughout the neighborhood. There are portions of the subdivision planned for 50’, 55’ and 60’ lots, as well as one section of 40’ and zero lot lines. The developer plans to feature a lead builder and grant additional builders access to offer a diversity of floor plans and price points for residents.
“This project is excellent for our community,” said Jessica Russell, executive director of the Bay City Community Development Corporation. “Every study tells us that Bay City needs housing at this price point. I’m overjoyed to work with a local developer to bring this project to fruition. Valor Park has my full support.”
The announcement follows a 6-0 vote of the Bay City Independent School District Board of Trustees on Monday evening, July 19, instructing legal counsel to proceed with the sale agreement of the 18.325-acre tract of property at Avenue M, formerly the Bay City Intermediate School.
“It is an honor to partner with the BCISD school board trustees and Dr. Scott regarding the sale of the old junior high school and property,” said Lynn. “Our company believes in this project, and the local school system, and we are prepared to make a substantial up-front investment without the need for issuing bonds or funding the project through proposed tax increases on existing residents.”
As part of the agreement, the Lynn Development will assume responsibility for asbestos removal, building demolition and site cleanup. The buildings on the property have long surpassed their useful lives and have been vacant for some time. Their sale removes a liability from BCISD and jumpstarts the subdivision project that includes the neighboring 38-acres.