On December 12, 2018, the International Capital Team, together with the key stakeholders in the Princeton Crossroads development project, celebrated the groundbreaking, marking the official start of construction. The project will bring major changes to the city of Princeton and symbols an important milestone for anyone involved in the project. The 297-acre property was purchased by an investor group led by International Capital in 2016. In September 2018, the approval of the Public Improvement District (PID) followed. Through the PID notion, the partnership can finance the development costs of wastewater and water lines in advance by a municipal loan to later distribute the costs to future landowners.
Despite its central location, this property had previously been left undeveloped due to the lack of major utility services. The initiative of International Capital as the leader of this project, and the possibility of applying public-private partnership parameters in form of the PID, now enables the development of the entire eastern sector of the city Princeton. The new City Hall and new City Park will be part of this new development and will be located at this intersection, which shifts the center of the city to the east empowering a new, more modern urban structure.
“We have been working in Princeton since 2013 and it was obvious that the city was expanding. Over the course of 5 years, and throughout the development period for Princeton Crossroads, the necessity for expansion became evident. The support of the City of Princeton and open-mindedness were essential for the current success of our development project. Through the project Princeton Crossroads, the area gains a new and dynamic economic perspective” says Christiane Hepfer, Founder and Chairman of International Capital. The event took place on a pasture next to the intersection of U.S Highways 380 and Boorman Lane. A residential area of 112 acre and 976 housing units will be built, as well as retail and restaurant adjacent to the newly-built City Hall and City Park of Princeton.
The very well attended “Groundbreaking” event was a great success. After the acceptance speech from Derek Borg (City Manager), Darrell Hale (County Commissioner of Precinct 3 of Collin County), Andreas K. Bremer (President and CEO of International Capital, LLC), and a speech expressing blessings from Rich Hooper (Mayor Pes-tem and Pastor) the official spit of the spade followed. Darrell Hale (Collin County Commissioner PCT 3) pointed out to the audience, that “Collin County’s population will double to 2 Million inhabitants by 2035”. The City Manager Derek Borg also mentioned the 800 newly built single-family homes, which were built in Princeton in 2018. He also announced the construction of the new city hall, a new city park with two ponds, and various entertainment facilities on the development property.In 2010, 6,807 residents lived in Princeton, by 2018 the population had already doubled to 12,800. Afterwards the guests celebrated the progress with traditional German food (bratwurst in rolls and sauerkraut!), as well as cold drinks. Everyone celebrated the progress brought to Princeton through the land acquisition and capital investments by mostly German-speaking Europeans.
ABOUT INTERNATIONAL CAPITAL, LLC
International Capital, LLC is a boutique real estate advisory firm with over 35 years experience representing more than 100 legal entities in its capacity as asset manager and as property manager. The company handles a portfolio of more than 20 properties in the southwestern United States. Offering a wide range of commercial real estate services, specialties include the acquisition, disposition, management and administration of commercial investment properties. Land and property development, funds conception, mezzanine financing and cash management are also integral parts of the company’s portfolio.