SH-114 Corridor · Southlake, Texas
Confidential Investment Memorandum
$4,750,000 | 1.66 Acres | 4 Contiguous Lots
Prepared by Bright Capital
Casey Court is a rare assemblage of four contiguous lots totaling 1.66 acres in Southlake, Texas — one of the most affluent and supply-constrained submarkets in the Dallas–Fort Worth metroplex. Positioned directly on the SH-114 corridor with shared boundary access to the Westin Southlake Hotel, the property offers an irreplaceable combination of frontage, elevation, traffic density, and demographic superiority that cannot be replicated at any price point.
Southlake is over 90% built out with a finite municipal boundary that cannot annex new territory. Remaining developable commercial parcels along SH-114 can be counted on one hand. Casey Court represents a first-mover opportunity to acquire the last contiguous acreage adjacent to Southlake's premier hospitality asset — the Westin Southlake — at a basis that supports 2.5–3× value creation through entitled development. The convergence of 151,835 daily vehicles, $287K average household income, and 761-foot elevation visibility creates a location profile that is, by every measurable metric, irreplaceable.
| Lot | Address | Acreage | Boundary | Notes |
|---|---|---|---|---|
| Lot 5 | 1075 Casey Ct | 0.2644 ac | Westin | Western anchor |
| Lot 6 | 1095 Casey Ct | 0.5399 ac | Westin | Largest parcel |
| Lot 7 | 1033 Casey Ct | 0.4789 ac | Westin | Central position |
| Lot 8 | 1212 Casey Ct | 0.3799 ac | Carroll ISD | Carroll Ave access |
Subdivision: Carroll Oaks Addition
Plat: Vol 388-26, Page 4
County: Tarrant County, Texas
Current: SF-1A (Single Family)
Target: C-2, TZD, O-2, SP-2
Path: Rezoning application to City
Latitude: 32.953° N
Longitude: 97.134° W
Elevation: 761 ft MSL
Lots: 4 contiguous
Acreage: 1.6631 acres
Approx SF: 72,432 SF
The assemblage supports multiple highest-and-best-use pathways. Each scenario below reflects current Southlake market rents, achievable densities under target zoning, and stabilized pro forma estimates. All scenarios assume a $4.75M land basis.
| Scenario | Rezoning | Size | Rent | NOI | Notes |
|---|---|---|---|---|---|
| Retail / Restaurant | C-2 / TZD | 16,000 SF | $42/SF NNN | $640K/yr | Highest ROI potential; Westin traffic synergy |
| Class A Office | O-2 / SP-2 | 32,000 SF | $28/SF NNN | $810K/yr | $12–14M stabilized value |
| Medical Office | O-2 + SUP | 25,000 SF | $28/SF NNN | 6.2–6.9% cap | Methodist Health corridor alignment |
| Luxury Townhomes | TZD | 3 units | $2.2M ea. | $6.6M gross | Empty-nester demand; walk to Town Square |
The retail/restaurant pathway delivers the highest risk-adjusted return by leveraging the property's unmatched traffic count, Westin walk-over demand, and Southlake's demonstrated appetite for premium dining and experiential retail. C-2/TZD zoning aligns with the City's Town Center vision, reducing entitlement friction and accelerating the development timeline.
The delta between current raw-land basis and entitled/developed value represents a compelling value-creation opportunity. The following comparison illustrates the transformation from unimproved residential-zoned land to a stabilized commercial asset.
Acquiring at $4.75M places the investor at the inflection point between raw land and institutional-quality commercial real estate. The rezoning and development process unlocks $7–9M in created value — a return profile typically reserved for ground-up development in high-barrier markets. Southlake's built-out status ensures that no competing supply will dilute this value during the entitlement window.
Fee simple acquisition of all four contiguous lots. Clear title, no encumbrances. Immediate close available.
50–99 year term structures available. Annual escalators. Triple net — tenant responsible for all operating costs.
This is a first-look opportunity.
Southlake's finite geography cannot expand.
The land that remains is all there will ever be.