Shannon’s Open Letter to Faulkner Point Condo Owners
regarding Garland's plan to bulldoze this view.
Dear Neighbors,

The following events occurred by the City of Garland in 2025.

May - $75Million Bond Package approved by voters to approve various areas of the City, including Harbor Point. Bond Vote
Dec 16th – The City Council approved the South Garland Lakeside Area Plan, including the ideal of extending Marvin Loving Dr NE to Bass Pro Dr. Full 132pg Plan



To extend Marvin Loving Dr NE 3 lanes wide, the city would need to take the North Driveway, along with all or portions of 4440, 4444, 4448, and 4452 via Eminent Domain.



*There is no time table set by the City for this to occur. It may never occur, it could occur next month, or next year, we simply don’t know.

We do however want to be prepared and work together to when it occurs as it can be a fast process averaging less 90 days.
When this occurs, there will be two separate events.

A)The City will make the HOA an offer for only the portion of land used by the North Driveway.
     a.The City confirmed in 2004, 2005 and 2023 it is our Driveway with a shared use agreement between Faulkner Point III and Faulkner Point IV.
     b.The Declaration Article 6.3 provides for the proceeds of this sale of the common elements to be shared with all owners, based on their ownership percentages.
B)The City will make the impacted Individual owners an offer for their Condo Units.

In both cases, it’s important to understand the difference between Improvements and Land value for determining Fair Market value. It’s imperative we all use the same argument and values for the Land.
The following exercise was pulled using data from these two resources.

DCADGoogle
Improvement(s) to individual Condo Units, is the physical Condo Unit it self, and can be compared to other Units on the same Land.
Improvement(s) to the common element Driveway, is just the concreate it self.
Land is owned by all co-owners however and therefore cannot be compared to it’s self.
Faulkner Point is 13.5 acres of Land.
These are our Comparable(s) for the Land.


First Comparable:

Math:
$240,000 / 1,877 sq ft = $127.86 per square foot.
One acre is exactly 43,560 square feet.
$127.86 per sq ft × 43,560 sq ft/acre = $5,572,775 per acre
Second Comparable:

Math: 50x103=5150sq ft, $135,000 / 5150 = $26.21 per sqft
$26.21 x 43,560 = $1,141,864.00 per acre
Averaging these two Comps = $3,357,319.00 per acre.
FaulknerPoint Total 13.5 acre(s)x $3,357,319 = $45,323,813
Given the Driveway is aprox the same sqft as one Buliding (both floors) the HOA should receive $2.1million for it
The Following Table is the Correct value(s) for our Land based on ownership percentages.



The information above is not legal nor certified advice and viewers/owner should seek professional advice to determine formulas and values. This website is not associated with the Faulkner Point HOA.