|Overton Park is the largest privately funded revitalization project in the country. McDougal Companies redeveloped 325 acres in the North Overton neighborhood.
North Overton demolition set to begin within 60 days
2001 McDougal Companies plans to begin demolishing buildings and homes in the North Overton area within the next 60 days to make way for new commercial, student housing and residential development.
"Overall, our project is two years ahead of schedule, but we still have lots of work to do," said Delbert McDougal, president and chief executive officer Tuesday.
McDougal told members of Lubbock CenterCorp Inc., the non-profit, downtown revitalization group, that the project - referred to as "The Centre" - has received at least three commitments involving property in the 325-acre acre target area.
McDougal said one of those commitments involves the Houston-based Dinerstein Group, which has purchased 25 acres for future student apartment housing, which will be located on land between Eighth and Main streets, bordered by avenues W and U.
McDougal said he also has commitments involving one group from San Antonio and another from Lubbock who are expected to begin construction on new single-family homes in the area within the next 18 months.
"What we're trying to do here is a total renovation of the area that will act as a buffer between Texas Tech and downtown Lubbock," he said.
McDougal has acquired between 68 and 70 percent of the property in North Overton and has more under contract.
The Centre's target area to be developed is bounded by Fifth Street to the north; Avenue R to the east; Main Street to the south; and University Avenue to the west.
McDougal said his company has purchased about 90 percent of what it needs off University Avenue between the 2300 and 2400 blocks and about 60 percent in the 2200 block.
That area will be demolished to make way for a new hotel, performing arts hall and a 20-acre retailing center.