Cheney Units in Frisco

Hey, more Cheney units coming to Frisco, Texas, we win awards, so we’ll go ahead and share the screen and give us the award that our illustrious mayor has won for us. So, first of all, ranks number one in new apartments added nationwide, followed very closely by McKinney.

Is that a good thing if you’re a homeowner, if you happen to own residential real estate property as a single family residence, is your balance OK? Is your desire to have the absolute most new ones added?

In the nation, the whole nation, it’s the fastest growing city.

So, yes, OK, fine, so you know the mayor personally, whatever, and I’ll just like speak real facts. The answer is no. Ladies and gentlemen, we have a school district and we have all these different things. We have a quality. We have quality standards. We have price points that we’re doing. We’re bringing in like high end items from the PGA to like quality workforce’s to having the highest educated workforce in the area to moving forward towards tech, to moving towards all these different things.

Right. And there are a certain amount of things that we do need. At apartments or short term living or those other items, do we need to have the most added in the nation? Maybe not like the whole nation.

The answer is no.

Ok, and so the reason the secondary reason on that is because we also have this huge problem right now. And the problem that we had during this worldwide pandemic is there isn’t a lot of office space that’s currently available as well. And we see a trend, right, that eventually if the office space can’t be rented because companies are not going back to work and we didn’t fill it because we speculatively built this space, then what happens with that office space long term if companies can’t occupy it?

We’ve already heard of a few, yes.

So things that are going on the market as whole, buildings to become residential living facilities similar to like what would happen in New York City is that you would have like a penthouse or they use all these different words for it. But it’s residential living inside of commercial space, a commercial building. Right. So, like, fine, call it a penthouse, call it a condo, call it a whatever it happens to be. But at the end of the day, it’s probably an apartment inside a big building. It might be like hotel ish. It might be like this might be like any one of those items. Yeah.

So you’re saying there’s already this number of apartments? Yes. And just because of what’s happened. Yes. There’s maybe even an even more. Yes. So now not only are we going to like to lead the nation, but it’s going to be like a whole revolution towards it.

And if you’re the individual that’s coming here and you’re like, hey, we want five hundred six hundred eight hundred thousand homes, million dollar homes, we want those things. And we’re moving here because and then directly opposed to that, all of a sudden it’s like, oh, and here’s a flood of this, whatever.

That is a different price point. Right. It’s two opposed items that are in conflict with where the vision is for where you’re going. People that are high end corporate jobs. Right. That are executive level items that we that are currently moving here. They will be in an apartment for a period of time when they relocate here. That portion of the time that an average person that earns X amount of the normal wage in the area, that person does not spend a lot of time in an apartment.

All right. So I am curious, what do you guys think, Chad, now, if you want more apartments right next to your house?

No, I would like to hear the discussions and, you know.

If going this route is now something that is regretful by the city from bringing in so many apartments, I mean, this is something that was unforeseen, our pandemic. But yes, how are they going to tackle that? And what does that what does that going to look like?

Because I understand the argument for why we need to have a diversified workforce and we need to have a service level. We need to have places for service level people to be right.

And then we can say they’re all high end and we can do each one of these different things. And they have great amenities and good locations and like all that. Right. And it helps our tax base. There’s also a lot of people that live in those. And it’s a strain on other items like the average income in the area. Right. We do need to have service people, but now all of a sudden we see we don’t really need as many service people because a lot of the stuff’s more pick up or delivery or like it becomes very different.

And now we have that. So let us know what you’re kind of thinking there. I don’t want our city or that city that I live in. To be ranked as the fastest growing for adding the most apartment units in the nation for a calendar year, because I see big problems and presents a lot later, and that’s why I did attach the the mayor’s name to it, because those are the items that he’s bringing in. He’s encouraging this. And it should be something that he takes pride in and he understands what it is. So be prideful.

So if you want to change on the street, you could just ask him, you know, and I have no problem letting them know, like, hey, this is this is your like these are chaining units there.

Now, how do you foresee this playing out?

Yeah, we get further down the road and we have all these different units. Right. That are on our thing and how do they look? So go to an apartment complex that’s 30 years old.  

And see, 30 years from now what that looks like and just go to one, right, and then 30 years from now, see, I’m like, oh, OK, that is super cool. That’s what I want. I want more of that. OK, all right, for me to report and for you to decide possibly a hot button topic, but I don’t even think it is, I’m just giving credit where credit is being.

It is. You know, I think initially the first instinct is is not favorable.

You so, you know, I don’t know. We’ll have to.

While ladies and gentlemen, thank you for joining us on that topic. Let’s go ahead and hit the bell and.

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