Economics Research Associates (ERA) was retained to conduct a comprehensive market review for the Walsh Ranch property. This review examines both the primary and secondary markets with respect to current and future demand for residential, office and industrial property, conventional and destination retail, as well as public and private golf.

The Market:

The property will draw from both a primary and a secondary market with:

The Primary market consisting of
Parker County and West Central
Tarrant County. West Central
Tarrant County can be described as
the area on the western side of I-35
excluding the areas to the north of
Lake Worth and to the south of
Benbrook Lake.

A Secondary market exists, taking into
account the remaining portions of
Tarrant County that were excluded
from the Primary market. The
Secondary market's contribution to
the property is expected to increase as
the area east of downtown Fort Worth
(between I-35 and the DFW Airport)
nears build-out.

The population of the Primary market
is estimated at 500,000 people.
Combined, the Primary and Secondary
markets represent approximately 1.5
million people (Tarrant County has a
population of over 1,400,000 and
Parker County's population is over
88,000).

Residential

Because of its size, the Walsh Ranch property is suited for a variety of residential types. At build-out, it is estimated that the property will contain over 18,000 homes with an estimated population of over 44,600 people (assuming 2.6 residents per household per the 2000 census). The residential target market is made up of the following characteristics:

Initial home prices ranging from $150,000
for first-time move-up buyers to above
$1,000,000 for luxurious estate homes.

The average house price will be in excess
of $225,000.

The exemplary schools in the Aledo
Independent School District will be a
marketing draw for the community.

Potential for an active adult component —
limiting residents to ages 55 and over.

Mixed-use center living for residents
seeking convenience and maintenance
free living.

Professionals desiring shorter driving
commutes to the central business district,
Lockheed Martin/Carswell area and the
Alliance corridor of Fort Worth.

The owners seek to take advantage of the property's location and size to capitalize on its office, industrial, and retail market potentials. Taken together the property will have approximately 770 developable acres available for office, industrial, and retail space or an estimated 8.8 million square feet of space.

In addition to its size, the property has many attributes favorable for capturing potential business which include:

Immediate access to the
interchange between two major
interstates (I-20 and I-30).

Availability of land with superior
transportation access and
proximity to the Fort Worth CBD,
Lockheed Martin/ Carswell and
the Alliance corridor, and DFW
Airport.

Potential work force and/or
customers within Walsh Ranch of
37,000 employees at build-out.

Abundance of freeway frontage
land, ideal for corporate campus
opportunities / relocations.

Affordability and availability of
managerial and executive housing convenient to the workplace.