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Jennifer S. Cowley Assistant Research Scientist Mukta Naik Graduate Research Assistant Texas A&M University July 2001 © 2001, Real Estate Center. All rights reserved. Real Estate Market Overview Sherman-Denison Real Estate Market Overview Sherman-Denison Real Estate Market Overview Sherman-Denison Population Employment Job Market
Major Industries Business Climate Education Transportation and Infrastructure Issues
Public Facilities Urban Growth Patterns
Map 1. Growth Areas Housing Multifamily Manufactured Housing
Retail Market Office Market
Industrial Market
Conclusion Contents 2 5 9 8 10 Real Estate Market Overview Sherman-Denison 11 12 13 16 17 18 1 Denison Sherman Pottsboro Bells Luella Knollwood Hendrix K e m p Savoy Dorchester US Hwy 69 US Hwy 82 US Hwy 377 US Hwy 75 US Hwy 82 U
7
5 Jennifer S. Cowley Assistant Research Scientist Mukta Naik Graduate Research Assistant Real Estate Market Overview Sherman-Denison Real Estate Market Overview Sherman-Denison County Grayson Area Cities and Towns Land Area of Sherman- Denison MSA 943 square miles Population Density (2000) 117 people per square mile T he Sherman-Denison MSA is
located on U.S. 75 along the
Texas-Oklahoma border. Sherman, 30 miles from the Oklahoma
border and 66 miles from Dallas, is
considered the northern end of the Dallas telecommunications corridor.
The city is named after General Sidney
Sherman, commander of the Republic
of Texas cavalry at the Battle of San
Jacinto, who was credited with first
saying, “Remember the Alamo!” Denison is four miles from the Oklahoma border and 75 miles north
of Dallas. The city has been designated
a Texas Main Street City by the Texas
Historical Commission and is the
birthplace of Dwight D. Eisenhower. Ambrose Denison Luella Pottsboro Sherman Southmayd Tom Bean Whitesboro Whitewright 2 Kelly Air Force Base, San Antonio POPULATION Sherman-Denison MSA Population Year Population 1990 95,005 1991 95,582 1992 95,292 1993 95,911 1994 96,829 1995 97,792 1996 99,892 1997 100,670 1998 102,019 1999 103,728 2000 110,595 Source: U.S. Census Bureau T he Sherman-Denison MSA
population increased at an
average rate of 1.5 percent per year during the past decade, a rate
slower than the state as a whole during the 1990s. Texas State Data Center
population projections forecast 8.6
percent growth in population for the
next two decades. The Texas Water
Development Board predicts the area Area Cities With 10,000 or More Residents Growth 1990–2000 City 2000 Population (in percent) Denison 22,773 4.83 Sherman 35,082 8.66 Source: U.S. Census Bureau will reach a population of 111,226 by
2010 and 114,702 by 2020 — a
growth rate of 0.4 percent per year
over the next 20 years. 3 Texas Metropolitan Area Population Change, 1990–2000 (in percent) McAllen-Edinburg-Mission 48.5 Galveston-Texas City 15.1 Austin-San Marcos 48.2 Tyler 15.5 Laredo 44.9 El Paso 14.9 Dallas 31.5 Corpus Christi 14.3 Brownsville-Harlingen-San Benito 28.9 Victoria 13.1 Brazoria County 26.1 Waco 12.9 Houston 25.8 Texarkana 9.4 Fort Worth-Arlington 25.1 Lubbock 9.0 Bryan-College Station 25.1 Wichita Falls 7.8 Texas 22.8 Longview-Marshall 7.7 Killeen-Temple 22.6 Beaumont-Port Arthur 6.6 San Antonio 20.2 Abilene 5.8 Sherman-Denison 16.4 San Angelo 5.6 Amarillo 16.2 Odessa-Midland 5.1 Source: U.S. Census Bureau Sherman-Denison MSA Projected Population Texas State Texas Water Year Data Center Development Board 2005 103,131 — 2010 105,566 110,226 2015 106,810 — 2020 107,851 114,702 Sources: Texas State Data Center and Texas Water Development Board Projected Population Growth, 2000–2020 (in percent) Source: Texas State Data Center 8.6 40.2 0 10 20 30 40 50 Sherman-Denison MSA Texas 4 Household Composition Grayson County Texas Median household size (1990) 2.84 2.73 Median age 37 33 Population younger than 18
(1999, in percent) 25.4 28.5 Population 65 and older
(1999, in percent) 15.4 10.1 Source: U.S. Census Bureau Ethnic Distribution (in percent) Grayson County Texas Ethnicity 1990 2000 1990 2000 White 88.7 84.0 60.8 55.2 Hispanic 2.8 6.8 25.3 29.3 Black 6.9 5.8 11.7 12.2 Asian 0.5 0.6 0.3 2.8 American Indian 1.1 1.2 1.8 0.5 Other 0.0 0.0 0.1 0.0 Two or more races* — 1.7 — 1.1 *For the 2000 Census, the Census Bureau changed the “race” options, allowing people to report their race as “other” or as two or more races. Source: U.S. Census Bureau H ousehold size in Grayson
County is larger than in the
state as a whole. The county also has a larger portion of population
age 65 and older. The Sherman- Denison area has grown more ethni-
cally diverse over the past decade,
with the Hispanic population increas-
ing most, as it has in the state as a
whole. The MSA’s average per capita income for 1999 was $23,521. The
state average per capita income for
1999 was $26,834, according to the
U.S. Bureau of Economic Analysis. 5 EMPLOYMENT Sherman-Denison MSA Unemployment Rate (in percent) Source: U.S. Bureau of Labor Statistics Sherman-Denison MSA Employment Source: U.S. Bureau of Labor Statistics 38,000 40,000 42,000 44,000 46,000 48,000 50,000 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 0 1 2 3 4 5 6 7 8 January-95 May Sept January-96 May Sept January-97 May Sept January-98 May Sept January-99 May Sept January-00 May Sept January-01 6 Bergstrom Air Force Base, Austin Top Ten Employers Top Ten Private Employers MEMC Southwest MEMC Southwest Silicon wafer product Silicon wafer product 1,250 employees 1,250 employees Wilson N. Jones Regional Health System Wilson N. Jones Regional Health System Health care Health care 1,250 employees 1,250 employees Texas Instruments Texas Instruments Semiconductors and defense electronics Semiconductors and defense 1,200 employees 1,200 employees Texoma Medical Center CIGNA Health Services Medical claims processing 1,170 employees 900 employees CIGNA Johnson and Johnson Medical claims processing Health care products 900 employees 700 employees Sherman Independent School District Alcoa Building Products Education Vinyl siding 890 employees 400 employees Johnson and Johnson Kwikset Corporation Health care products Residential locks 700 employees 375 employees Grayson County Fisher Controls Government Rotary control valves 450 employees 365 employees Denison Independent School District Proctor and Gamble-Sundor Education Food products 400 employees 325 employees City of Sherman Cooper B-Line Systems Government Cable trays and enclosures 400 employees 325 employees Sherman- Employment Growth by Industry Denison MSA Texas Employment growth, 2000 (in percent) 1.1 3.2 Unemployment rate (in percent) 3.7 4.2 New jobs in 2000 500 288,900 Employment growth by sector, 2000 (in percent) Services 4.2 4.7 Trade 0.0 3.1 Manufacturing –1.0 0.1 Mining 0.0 2.3 Finance, insurance and real estate 0.0 1.3 Construction 0.0 6.2 Government 0.0 1.7 Transportation, communications and public utilities 0.0 5.1 Sources: Sherman Chamber of Commerce and City of Denison Sources: U.S. Bureau of Labor Statistics and Texas Workforce Commission 7 Texas Metropolitan Area Employment Change, 1990–2000 (in percent) Austin-San Marcos 58.8 El Paso 15.4 Laredo 40.3 Waco 14.3 McAllen-Edinburg-Mission 35.8 Lubbock 14.0 Dallas 30.4 Sherman-Denison 12.5 Brownsville-Harlingen-San Benito 30.1 Longview-Marshall 12.2 Bryan-College Station 29.2 Abilene 11.4 Killeen-Temple 28.7 San Angelo 10.7 San Antonio 28.6 Corpus Christi 10.3 Fort Worth-Arlington 23.7 Galveston-Texas City 8.2 Texas 23.3 Wichita Falls 7.8 Tyler 22.9 Odessa-Midland 6.5 Victoria 22.4 Texarkana 4.5 Houston 22.1 Beaumont-Port Arthur 3.5 Amarillo 18.6 Brazoria County 2.3 Source: U.S. Bureau of Labor Statistics, February 2001 N onagricultural employment
increased 1.1 percent during
2000, less than the 1.8 percent increase during 1999, according to the
Texas Workforce Commission. The
U.S. Bureau of Labor Statistics reports total civilian employment for 2000
was 49,269, up 2.2 percent from 1999. Employment growth in the area is slower than employment growth
across the state. Unemployment decreased slightly to 3.7 percent for
2000, down from 4.4 percent in 1999.
Manufacturers and the health care
industry are major employers in the
area. 8 JOB MARKET MAJOR INDUSTRIES A ccording to the Sherman
Economic Development
Council, about 1,800 jobs have been created since 1997,
representing an investment of $160
million. CEMPLANK announced plans to build a $50 million factory that will
open in fall 2001. The plant will
employ 60 to 80 people. The company
makes fiber cement that is used as an
alternative to wood siding. IBP, Inc., is opening a meat-process- ing unit that will employ 1,000 people
in Sherman. GlobiTech is building its
headquarters in Sherman’s Northgate
Technology Park and will employ 120
when the project is completed. Procter and Gamble spent $3 million to expand their food and beverage
division, including the addition of new
manufacturing equipment and creation
of five jobs. In Pottsboro, the Tanglewood Resort & Conference Center will employ 250
people. The Liberty-Owens-Ford plant closed as a result of company stream-
lining in 2000, laying off 408 employ-
ees. Mental Health Mental Retardation
Services of Texoma cut 11 positions
and $800,000 in expenses in February
2001. The closure of Integrated Health
Services will mean a loss of 75–80
jobs. Two hundred employees were
displaced as a result of the closing of AGP’s refinery in Sherman and the
Pilkington-Owens-Ford windshield
factory. MEMC Southwest laid off 530
employees in the first half of 2001. In Denison, the Beatrice Foods plant closed in 2000 because of poor sales;
100 employees lost their jobs. Svedala
laid off 20 employees in March 2001.
HORIZON Pharmacies, Inc., laid off
26 employees and cut administrative
costs to improve cash flow. Telecommunications manufacturer GE-ACT laid off 25 employees in
Bonham. Bonham Manufacturing
Company is moving its 120-employee
operation to Brownwood. T he services industry, which
makes up the largest share of
Sherman-Denison MSA employ- ment, grew by 500 jobs over the past
year, representing 28 percent of area
employment growth. Health services is
the largest component of the services
sector. Retail and wholesale trade represents 21 percent of nonagricultural employ-
ment. Manufacturing is an important
part of the local economy and ac-
counts for 21 percent of local jobs. The
Sherman-Denison MSA has the highest percentage of manufacturing employ-
ment in the state. Area manufacturers
include Procter & Gamble, Folgers,
Raytheon, Johnson & Johnson,
Technical Institute and Globitech.
Manufacturing employment fell by
100 jobs between 1999 and 2000. Government accounts for 13 percent of employment and includes local
school districts, city and county
employees. The construction sector,
which added no new jobs during
2000, represents 6 percent of the
area’s workforce. During 2000, Grayson County had $38.8 million in agricultural receipts,
up from $37.5 million in 1999. The
Texas Agricultural Extension Service
reports beef and wheat are the top
agricultural products, representing 25
and 18 percent of receipts, respec-
tively. Other area products include
hay, sorghum, nursery products, milk
and horses. For 2001, agricultural
receipts are expected to be $41.4
million. 9 BUSINESS CLIMATE A rea retail sales come largely
from people who live in
Grayson County and within a 30-mile radius of Sherman, supple-
mented with sales from tourism. The
sales tax rate is 8 percent in Sherman
and 8.25 percent in Denison. The
hotel-motel tax rate is 11 percent in
Sherman and 13 percent in Denison. Sherman-Denison MSA Retail Sales Year Total Sales Sales per Capita 1990 $677,627,937 $7,133 1991 671,973,392 7,030 1992 727,624,242 7,636 1993 791,978,974 8,257 1994 877,367,005 9,061 1995 989,139,091 10,114 1996 1,077,010,651 10,781 1997 1,017,073,074 10,103 1998 1,015,049,739 9,950 1999 1,145,684,457 11,045 2000 1,265,214,998 11,440 2000 State Average $12,612 Source: Texas Comptroller’s Office Tax Rates, 2000 Grayson County Tax Rate per Grayson County Tax Rate per Taxing Entity $100 Valuation Taxing Entity $100 Valuation City of Sherman $0.40 City of Denison $0.58 Sherman ISD 1.69 Denison ISD 1.50 Community College 0.10 Community College 0.10 Grayson County 0.44 Grayson County 0.44 Total $2.63 Total $2.62 Source: Grayson County Appraisal District inventory. Two enterprise zones are
located in Sherman. The Grayson
County Airport is included in Foreign
Trade Zone 39. Tax abatements are
also available in the area. The Sherman-Denison area exported $99.6 million in products during 1999,
down from $116.9 million in products
exported in 1998. The Sherman Economic Develop- ment Corporation collects a three-
eighths-cent sales tax for economic
development, amounting to approxi-
mately $2.1 million per year. Denison
collects a one-quarter-cent sales tax
for economic development. The area
has an established freeport that
eliminates ad valorem taxes on 10 EDUCATION Local College and University Enrollment Fall 2005 2010 School 2000 (estimated) (estimated) Grayson County Community College 3,200 3,304 3,358 Austin College 1,300 n/a n/a Sources: Educational institutions and the Texas Higher Education Coordinating Board, January 2001 G rayson County Community
College is located in Denison
and offers training programs for businesses and for-credit courses.
The Texas Higher Education Coordi-
nating Board projects enrollment at
Grayson County Community College
will decline slightly over the next ten
years. In 2000, the College’s Economic
and Workforce Development Center
moved into a new facility that features
a seminar and conference area and
computer classrooms. Austin College is a four-year private liberal arts college and is the oldest
college in Texas operating under its
original charter. The Mary Wright
Center, which opened in April 2000, provides offices for student services, a
post office, dining hall, bookstore,
convenience store and meeting space. Construction on the Jerry E. Apple Stadium and Calder Field at Austin
College started in February 2000. The
Hughey Gymnasium is being reno-
vated and a new fitness center is under
construction. The project will be
completed in 2001. Sherman ISD has twelve schools with approximately 6000 students.
Refurbishment of the Walter Carpenter
Auditorium was funded with donated
money and is still in progress. Denison Independent School District (DISD) is making major
improvements to its nine campuses as Educational Level, Persons Age 25 and Older (in percent) Grayson Level of Education County MSA Texas High school graduate 30.0 25.6 Some college, no degree 21.5 21.1 Associate's degree 6.6 5.2 Bachelor’s degree 8.8 13.9 Graduate or professional degree 5.2 6.5 Source: U.S. Census Bureau a result of a $13.1 million bond issue
passed in 1996. The school district has
about $2 million in grants for special
programs, providing the continuing
grants are approved. The bond issue is
allowing campuses to invest in the
latest technology. DISD is the second
largest employer in Denison, employ-
ing 400 people. The Pottsboro ISD provided educa- tion to 1,289 students in the 1998–
1999 school year. The district's budget
for 2000 was more than $8 million. Texoma Christian School plans to build a new school on W. Houston
and FM 1417. No construction date
has been set. 11 TRANSPORTATION AND INFRASTRUCTURE ISSUES T he primary transportation artery
through the Sherman-Denison
area is U.S. Highway 75, connecting Sherman to Dallas. U.S.
Highways 82 and 69 and State
Highways 91, 56 and 11 also run
through the area. A proposal exists for
an extension of I-45 north to Sherman,
but no construction date has been set.
A project to expand U.S. 70 to four
lanes between Durant and I-35 broke
ground in January 2001. Three carriers — Burlington North- ern-Santa Fe, Southern Pacific and
Texas Northeastern — provide rail
service. There are four freight carriers
in the area: Central Freight, CFMotor,
Ryder Trucking and Yellow Freight. The Grayson County Airport is located in Denison and was formerly an Air Force base. It has a 1,354-acre
airfield and a 254-acre industrial
complex. The County has budgeted
$100,000 toward consulting fees for
preparation of an airport master plan
for the next two decades. The airport
will receive $150,000 in federal funds
to be used for capital improvements. The City of Sherman receives water from the Trinity Aquifer, from local
wells and surface water from Lake
Texoma. The City of Denison obtains
groundwater from the Woodbine
Aquifer wells and surface water from
Lake Randall and Lake Texoma. These
sources are sufficient to meet water
needs through 2050. The City of Pottsboro is supplied by three water wells within the city and
from the city of Denison. Pottsboro has approved $1.8 million in revenue
bonds to build a water line connecting
it with Denison to solve its water
problems. Residents’ average water
bills will increase from $9.25 to
$19.25. The Post Oak Creek wastewater treatment plant serving the City of
Sherman has recently been expanded.
A 20-acre flood control lake is being
considered for northwest Sherman. Denison operates two wastewater treatment plants and has no immediate
expansion plans. The Texoma Solid
Waste Agency plans to develop a new
landfill near Whitesboro. The project is
currently undergoing technical review. PUBLIC FACILITIES T he municipal auditorium in
Sherman is being renovated with
an expected completion date in 2001. The Glennie O. Ham Commu-
nity Center provides facilities for
youth, teenagers and community
groups. Other city facilities include the
Oliver Dewey Mayer Outdoor Theater
and the Municipal Ballroom. The
Sherman City Council has created an
Arts and Cultural Overlay District to
attract businesses and generate activity
in the town. Grayson County has received $101,065 from a charitable foundation
to develop a Historic Research Center
in Frontier Village, an existing collec-
tion of old homes and log cabins from
all over the county. The 80,000-square-foot former Denison High School building on
Main Street is being renovated as a multiuse center for offices, businesses
and cultural events. The project will
cost $3.5 million and will also include
a 700-seat performing arts center. A
library is planned in downtown. A site
has not yet been selected. Whitesboro is constructing a $1 million city hall. Ground was broken
for a new Fannin County Correctional
Center off Highway 121 south of
Bonham. The project is expected to be
completed in July 2001. Van Alstyne is
adding a new police station attached
to the town’s EMS facility and fire
station. The project cost the city
$7,900. About 74 percent of the cost
was donated by local businesses and
individuals. Sherman's city parks offer a variety of sports and recreational activities.
The Baker Park is situated on a natural
lake and offers fishing opportunities. Fairview Park has a swimming pool. Sherman will build the Pecan Grove Park around Dean Gilbert Lake at FM
1417 and U.S. Highway 82. Munson Park in Denison consists of 120 acres with playing fields. The W.B.
Munson Foundation proposes to give
the city $165,000 for improvements to
Munson Park, and the City of Denison
is planning a pavillion and skate park
at the park. The 148-acre Waterloo
Park has an indoor pool and a lake. The Eisenhower Birthplace State Historical Park in Denison encom-
passes a ten-acre neighborhood with
historical buildings and grounds,
picnic facilities and other amenities.
The Arts district has a number of art
galleries and studios. Denison re-
ceived grants worth $250,000 from the
Smith Foundation to improve lighting
at several ballfields. 12 Map 1. Growth Areas Source: Real Estate Center at Texas A&M University Sherman, Texas Census Place Highway US 75 US 75 SH 91 US 82 US 82 Retail Retail Office Residential Residential Residential Industrial Industrial Industrial Retail /
Office URBAN GROWTH PATTERNS M ap 1 shows the major growth
areas in the Sherman area.
Retail growth in Sherman has been concentrated along the northern
part of U.S. 75 while industrial growth
has been occurring along the southern portion of U.S. 75. Residential growth
has been occurring in west and
northwest Sherman. Downtown Denison has seen redevelopment activity; 209 buildings
have been rehabilitated over the past decade. Residential growth in Denison
is happening mostly in the western part
of the city, with some to the south. 13 HOUSING Housing Affordability – First Quarter 2001 Percent of Households THAI for That Can Afford First- time Median-priced Home THAI* Homebuyers Sherman-Denison 71 1.74 1.35 *The THAI is the ratio of median household income to the income required to buy the median-priced home using currently available mortgage
financing. Standard financing is a 30-year loan covering 80 percent of the cost of the home. A THAI of 1.00 indicates that the median household
income is just enough to qualify for a loan sufficient to purchase the median-priced home. Source: Real Estate Center at Texas A&M University Sherman-Denison MSA Single-family Permits Source: U.S. Census Bureau 0 50 100 150 200 250 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 14 Average Sales Price of Single-family Sherman-Denison Homes Source: Real Estate Center at Texas A&M University Single-family Home Sales Volume, Sherman-Denison Area Source: Real Estate Center at Texas A&M University $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 0 20 40 60 80 100 120 140 160 January February March April May June July August September October November December 1998 1999 2000 15 Price Distribution of MLS Homes Sold, Sherman-Denison Area (in percent) Source: Real Estate Center at Texas A&M University 1997 1998 1999 2000 Less than $60,000 45.9 39.0 36.1 36.7 60,000–79,999 20.1 17.4 17.7 16.4 80,000–99,999 13.8 17.3 16.2 14.2 100,000–119,999 5.0 7.5 8.3 11.2 120,000–139,999 6.0 7.3 7.6 6.8 140,000–159,999 2.5 4.5 3.9 4.6 160,000–179,999 2.8 2.5 3.6 4.0 180,000–199,999 1.3 1.2 2.3 2.0 200,000–249,999 1.4 1.7 2.4 1.9 250,000–299,999 0.8 0.9 0.7 0.9 300,000 or more 0.6 0.8 1.2 1.1 I n 2000, a total of 171 single-family
home permits were issued in the
MSA with an average value of $113,700. In 1999, 215 single-family
homes were permitted at an average
value of $98,100. Forty-three homes
were permitted in the first five months
of 2001. According to the City of
Sherman, 57 single-family building
permits were issued in 2000. The City
of Denison issued 50 single-family
permits in 2000 and four permits in the
first quarter of 2001. Home sales were up from 1999 to 2000. In 2000, 1,073 homes were sold
through the MLS, compared with 912
in 1999. The average sales price of
houses reported sold through the MLS
fell from $88,800 in 1999 to $87,900
in 2000. The area had a 6.4-month
inventory of homes for sale in 2000. Homes are being built primarily in three subdivisions in Sherman — Bent
Brook, Pebble Brook and Laurel Creek.
Pebble Brook homes are priced between
$95,000 and $125,000; homes in Bent Brook are more expensive. Bent Brook
is close to completion, while Pebble
Brook has just been started. Country Ridge Estates, a 100-lot subdivision, is in the planning stage.
Homes will be priced at around
$70,000. Some homes are being
purchased by people commuting to
the Plano area. In Denison, construction began in 2000 on two subdivisions. Greenwood
will have 26 lots and Renaissance
Addition will have 27 lots. 16 MULTIFAMILY Sherman-Denison MSA Multifamily Building Permits (in units) Source: U.S. Census Bureau I n 2000, five new multifamily units
were permitted, down from eight in
1999, according to the U.S. Census Bureau. Because of the size of the area,
a single new apartment complex can
have a significant impact on the area’s occupancy rates. According to the
Census Bureau, no new multifamily
permits were issued in the MSA during
the first five months of 2001. In Denison, permits were issued in 2000 for eight duplexes and one multifamily project; one duplex was
permitted in the first quarter of 2001,
according to the City of Denison.
There was no multifamily activity in
Sherman in 2000. 0 100 200 300 400 500 600 700 800 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 17 RETAIL MARKET MANUFACTURED HOUSING Sherman-Denison MSA Manufactured Home Sales Proportion of New Manufactured Single-family Homes Homes Sold (in percent) 1997 322 70.6 1998 369 62.6 1999 422 66.2 2000* 274 80.8 *Through third quarter
Source: Texas Manufactured Housing Association T hrough the third quarter of 2000,
manufactured housing repre-
sented more than 80 percent of all new single-family housing sold in
the Sherman-Denison area, in part because of the rural areas surrounding
Sherman and Denison. The increase in
2000 can be attributed to growth in
manufactured home sales and a
decrease in single-family site-built homes in the area. The City of
Sherman permitted four new manufac-
tured homes in 2000. S herman issued 24 commercial
building permits in 2000.
Denison issued six permits for new businesses in 2000 and one
permit in the first quarter of 2001.
Retail space is almost fully occupied in
the Sherman area, according to the
Sherman Economic Development
Corporation. Restaurant sales are expected to grow 7.7 percent during 2001 to a
total of $123.7 million, according to
the Texas Restaurant Association. Red
Lobster remodeled its Sherman
restaurant with brighter dining rooms
and a different style of bar equipped
with aquariums. The Midway Mall in Sherman con- tains 590,000 square feet of space and
has more than 90 stores. Dillard’s,
JCPenney, Sears, Mervyn’s and Goody’s
anchor the mall. A new strip shopping
center called Shafer Plaza II is under
construction in Sherman. A 70,000-square-foot, 20-acre development by T-Mark Properties is
coming up along U.S. 75 in west
Denison. The traveler’s hotel at Main
Street and Crockett Avenue in Denison
is being renovated for a hotel, restau-
rant and shops. In Pottsboro, a new retail shopping center is planned at Highway 120 and
Georgetown Road. Georgetown Crossing will have a convenience
store, restaurant and open-air shopping
center. Construction is expected to
begin in 2001. The Tanglewood Resort & Confer- ence Center in Pottsboro has been
completed and will employ 250
people. In Whitewright, a historical movie house was gutted and renovated. In
Van Alstyne, a 38.7-acre site is being
developed into a commercial complex
with a McDonald’s restaurant planned. 18 CONCLUSION 701-25-1491 T he Sherman-Denison area has a
strong manufacturing and
technology sector that continues to attract new businesses. With the
addition of the Northgate Industrial Park, the area has industrial and
business land available for growth.
The area’s location along U.S. 75
places it in the path of northward
growth from the Dallas Metroplex. The area has become known as the North
Texas Technology Corridor, with a
backbone of semiconductor and
silicon-wafer-related facilities. OFFICE MARKET A ccording to the Sherman Eco-
nomic Development Corpora-
tion, the few multitenant office buildings with more than 25,000
square feet have an occupancy rate of
98 percent. At the Wilson N. Jones Hospital, a five-story, $27 million
office building will be constructed.
The office and ambulatory care center
is expected to open during summer
2001. A five-story parking garage with a capacity of 800 vehicles is being
built to serve the medical complex.
The North Texas Audiology and
Hearing Aid Clinic opened in 2000 in
the Morrison Medical Office Building. INDUSTRIAL MARKET T here is no speculative industrial
space in the Sherman area. All
buildings have single tenants. Almost all of the industrial space is
occupied, according to the Sherman
Economic Development Corporation.
The City of Sherman issued one
industrial permit in 2000. Four industrial parks are located in Sherman. The Northgate Technology
Park has 51 acres, Northgate Business
Park has 212 acres, Northgate Indus-
trial Park has 238 acres and Midway
Industrial Park has 311 acres. GlobiTech, a high-tech company, broke ground on a 97,000-square-foot
facility in early 2000. The $62.5
million project is in Northgate Tech-
nology Park. The manufacturing unit
puts microthin coatings on silicon
wafers used in computer chips. CEMPLANK will be constructing a $50 million fiber cement manufactur-
ing plant over the next year in Sherman. The plant will be the largest
fiber cement facility in the U.S.,
producing 180 million square feet of
product per year. The Sherman Economic Develop- ment Council has offered Cooper B-
Line $500,000 as an incentive to
double the size of their existing facility
by adding 250,000 square feet. The
company, which manufactures
products for the telecom industry, will
invest $14 million to $19 million and
employ an additional 175 workers. The Sherman Technology Consor- tium is made up of SEDCO, the
Texoma Workforce Development
Board, Grayson County College,
Sherman ISD, Austin College and the
Texas Engineering Extension Service.
The consortium will train and equip
area residents in technology skills
through the development of a training
facility near the Northgate Technology
Park. The multimillion dollar facility will offer classrooms, laboratory space
and distance learning facilities. In Denison, a 254-acre industrial complex adjacent to the county airport
has a number of sites available. Good
connections to U.S. 75 and U.S. 82
and adjacent railroad services have
attracted a number of tenants to the
complex. Besides aviation-related
industries, tenants include City
Industries, Denison Industries and the
Greater Texoma Utility Authority. The
Denison Industrial Foundation owns
industrial land north of Denison on
Highway 91. The land is available for
build-to-suit and lease opportunities.
Denison Industrial Park East has 100
acres with infrastructure. Reedrill, one of Denison’s largest employers, received a tax abatement
for a new 450,000-square-foot
warehouse being built in west
Denison.