While proximity to good highways is important, Dallas/Fort Worth Airport is also a huge factor.
During a $1 billion makeover of the Texas 114/121 corridor in Grapevine — a project known as the DFW Connector — a company known as Medici Development Partners bought property along Texas 114 and Kimball Avenue in Southlake. The vacant land was about a mile west of the $1 billion road project.
Once the highway improvements were complete, Medici and its partners broke ground on the 175-room Cambria boutique hotel and the Kimball Park office development.
The projects, which together cost roughly $46 million, wouldn’t have gotten off the ground if it weren’t for the road improvements, said Jeff Medici, managing partner.
“It was critical. When I purchased the land five years ago, I would not have thought to make that type of investment if I didn’t know the infrastructure commitment was already underway,” Medici said. “When you talk about building a hotel, if it’s seven minutes from the airport versus 15 minutes, that really matters.”
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