Mixed-Use Project On The Way For Workers at $30B Texas Instruments Expansion In Sherman
A 53-acre mixed-use development along U.S. Highway 75 aims to create homes and shopping for workers at Texas Instruments' $30B planned expansion in Sherman.
Cope Equities LLC expects to finish infrastructure work on its $250M Jamestown Square development in June. Located across the highway from Texas Instruments, the development will offer 21 acres of single-family houses, 15 acres of commercial property, 12 acres of multifamily housing and 6 acres of townhomes, the Dallas Business Journal reported.
"We're hoping in the next two to three years, we see substantial completion of the commercial frontage piece, and the townhomes and apartments will be fully built,” Cope Equities CEO and founder Stephen Cope told the DBJ. “Then the next three to five years, we'll focus on building multifamily or built-to-rent communities on the back one-third portion of the project.”
Texas Instruments is almost done with its nearly 1.5M SF semiconductor wafer fabrication plant – the first of four such facilities the company is building in Sherman. The full $30B expansion is expected to create as many as 3,000 jobs in the area.
Jamestown Square is designed to offer housing, retail and entertainment options within walking distance of the plants.
Cope said he has a letter of intent from a hotel developer and has spoken with retailers and restaurateurs for the development's commercial space. The developer also has a 174-unit multifamily complex under construction and sold 56 lots to Amberwood Duplexes LLC for townhomes.
Texas Instruments isn’t the only multibillion-dollar tech manufacturing game in town. Taiwanese company GlobalWafers is constructing a $5B plan to produce silicon wafers used in semiconductor chips just north of Texas Instruments.
Sherman officials have added millions of dollars of infrastructure to support those developments as well as the related population and commercial growth expected as those projects progress.
The city was partially chosen for the projects due to its abundant water rights at Lake Texoma. Access to water has become a major battleground for developments of all sorts in the state.
As Sherman continues to grow, developers have started to snatch up swaths of land in the Texoma region ahead of further development and a potential expansion of the Dallas North Tollway into the county. Dallas-based investor Texas Republic Management has amassed a large portfolio of land in Grayson County, including 124 acres it picked up in April.
Grayson County grew by 13% from 2010 to 2020, per census data. The Texas Water Development Board predicts the county could grow by nearly 9% from its 2020 total of 136,212 residents to more than 148,000 in 2030, according to the Texas Council of Governments.
Projections place the county north of 250,000 residents by 2060.
