If you paid attention to the numbers being thrown around this entire time, the developer originally told the city council they were going to put $90 Million into the property with about 1400 lots available. That makes each lot COST $64k to be ready for sale...WITHOUT profit.

Latest number thrown out in the Houston paper they said $55 Million. That gets you in the $39k per lot...before profit. Typical developments in the area are selling lots for $30-35k after profit. The number of lots has gone down as well from all the scuttlebutt here in town.

If they are going to be competitive with the lots being sold closer to town, they will have to get their per lot COST down to around $20-25k...and get at least 1250 lots sold. That's $25M all in and you have to keep in mind they already have about $7M skin in the game, leaving them $18M to get ALL of the work done before they can sell LOT #1 if they are going to do a MUD.

If they can't get those numbers down to this, there is no reason whatsoever to put money into the deal. If you could get them to agree that they MIGHT make $5k per lot, for about 1250 lots, that gives them a profit $6.25M.....and it's a risky bet to sell the entire property within 5 years...or even 15 years. If you walked in the door and offered $8M cash tomorrow, you would likely own a racetrack. They get their original investment out of the deal and walk away with a couple Million dollars for sitting on the property for 18months. If you put the purchase package together similar to what bluebonnet is doing for the $10M all in price, you end up with a race track with 45 weekends booked and cash to spiff the place up a bit...maybe even all new paving and restroom upgrades. Spend the next 10 years entrenching the track into the fabric of the local economy and it will not go anywhere....EVER.