search

The Real Deal Logo

Trending

Starwood REIT quickly burning liquidity Starwood REIT quickly burning liquidity “Largest affordability crisis” in US: Miami-Dade is short 90K housing units“Largest affordability crisis” in US: Miami-Dade is short 90K housing unitsBillionaires’ Row residents fight for their ground lease co-opsBillionaires’ Row residents fight for their ground lease co-opsNew hope for Chetrit’s Hotel BossertNew hope for Chetrit’s Hotel Bossert
Politics
Texas

Texas begins eminent domain to take Fairfield Lake State Park 

Todd Interests developing $1B resort community at closed park

Texas Begins Eminent Domain to Take Fairfield Lake State Park
Todd Interests CEO Shawn Todd and Fairfield Lake State Park (Todd Interests, Wikipedia/ Chamberlain2007)

The Texas Parks and Wildlife Department has begun the process of eminent domain to seize control of the 5,000-acre Fairfield Lake State Park. 

The department filed a petition in Freestone County District Court on Friday, in an attempt to halt Todd Interests’ development of a $1 billion luxury subdivision, the Texas Tribune reported. 

The Dallas-based developer bought the land, roughly 90 miles south of Dallas, for about $110 million from Vistra Corp in June, and an ongoing battle between the state and Todd Interests ensued. The TPWD twice attempted to buy the land from Todd, including a $103 million offer, but Todd has made clear that it has no intent to sell and has already begun development.

Despite the state’s initial interest in purchasing 1,820 acres, Vistra insisted on selling the entire 5,000-acre property, which the state did not pursue. Earlier this year, Todd Interests emerged as the prospective buyer, leading to fervent appeals from Texans to save the park.

Sign Up for the undefined Newsletter

With Jeffery Hildebrand taking over as commissioner of the department, it was briefly unclear whether Texas would continue its fight over the parkland via eminent domain, but now it’s apparent that the state is staying the course. 

Seizing the property is feasible for Texas due to its public purpose as a park, according to eminent domain experts. Now that the petition is filed, a local panel of landowners will determine the fair market value of the land. Should the state pay this amount, it can take immediate possession, the outlet said. If either party appeals the valuation, a civil trial will ensue.

“TPWD and its commissioners remain steadfast in their commitment to reopen a public resource…” the department told the outlet. “Fairfield Lake State Park rightfully belongs to the people of Texas who have expressed overwhelming support for saving the property for future generations of public use.”

—Quinn Donoghue

Read more

Companies and People
Texas Parks and Wildlife DepartmentTodd InterestsShawn Todd
Tags
DevelopmentEminent Domain