WARRENTON — The Texas development company behind a 300-unit housing development in Warrenton has put the entire project up for sale.
Mission DG, a housing developer based in San Antonio, recently listed the 270-acre Fort Pointe Development on Ridge Road near Fort Stevens State Park for $6.2 million.
Mark Tolley, a partner in Mission DG, said the company does not have the bandwidth to focus on the Warrenton development and its other projects around the U.S.
“We are generally swamped with what we do here in Texas, which is building affordable housing in the San Antonio and Austin areas,” he said.
The Texas developers originally gained approval for Fort Pointe more than a decade ago, but held off because of the Great Recession. Economists have raised fears of another recession in 2020, but Tolley believes the sheer need for housing in the region will make Fort Pointe a success.
“I can tell you it’s not fazing us here in Texas yet,” he said. “We obviously keep our eyes on the market.”
Mission DG has divided the Fort Pointe development into three pieces — a multifamily complex of up to 150 units on 9 acres, a “new urbanist” community of 120 smaller lots with more amenities, and a more traditional subdivision with sites for 50 homes. The property is being marketed by Cascade Sotheby’s either as a whole or in separate parts.
The permit for the development expires in November, but Tolley said it would be easy to renew. He foresees a company biting off the multifamily complex and others taking on the houses.
The listing comes as a subdivision proposed just to the south near Clear Lake has stalled because the owner did not properly subdivide the property in his deed.
Meanwhile, the developer behind Westlake Village, an 87-lot subdivision proposed along U.S. Highway 101 near Camp Rilea, is paving roadways and will soon record the plat on the first phase of the project, said Gail Henrikson, the community development director for Clatsop County.