281 acres of Platinum Ranch located in the city of Gunter, with a frontage on the proposed Tollway. It has approved PD/zoning for urban, Multi-Family, and commercial development. The property consists of tax benefits and it includes 21% flood zone, located in single family residential area of the PD exhibit.
The whole property allows reimbursements for water, sewer, drainage and road infrastructure inside the property. Location complements direct axis to future Tollway, parkway is likely to be completed by this year end. Platinum Ranch is located away from 14 miles north of Frisco. Dallas North Tollway is a historical part of the strongest growth corridor in the DFW area. The Platinum Ranch is well-positioned for the future growth we expect to see with the development of the tollway. Midas Global investments led by Ravi Kollipara, Raj Kiran Veeramachaneni, Sudheer Babu Bagham, Omkishan Maredu and Srinivas Chand Gorrepati purchased the property.
*The property is estimated to have 1200-1300 units of Garden-style Multi-Family dwelling Units allowed in Mixed Use district areas.
* Total cost of property including expenses is estimated at $29 million.
*It also has permitted unlimited Urban style Multi-Family Dwelling Units with neither less than 16 units per acre nor greater than 50 units per acre in Mixed Use district areas.
*Assisted Living Dwelling Units permitted within Mixed Use District areas.
*Residential village allows Town Homes, Patio Homes and Detached Single-Family Dwellings.
*Retail, Commercial, Office, Industrial, Medical offices and most land uses are permitted.
A Limited Partner is a shareholder in the investment. They are responsible for their equity payments, debt service payments and timely signatures on the shareholder agreements. While, a General Partner is responsible for the overall sourcing, financing, negotiations, legal structure and process, administration, strategy, development, selling and distribution of the profits. The property tenure is estimated to be five years.