By Business Wire
A jury has awarded a Houston property owner compensation of $12.2 million – almost four times the amount originally offered by the State of Texas – for the eminent domain taking of land for the construction of the Grand Parkway in north Houston, according to Deal Sikes, a Houston-based real estate valuation and eminent domain counseling firm.
Using the power of eminent domain, the Texas Department of Transportation acquired about 44 acres of land along Boudreaux Road east of State Highway 249, offering to pay $3.2 million in 2014. The remainder of the property owner’s land holdings there, about nine acres, also lost value due to the eminent domain taking, Deal Sikes determined.
At the conclusion of a trial in Houston, a jury decided the State of Texas should pay $12.25 million to the property owner. The findings of the jury closely followed the appraisal of the land by Deal Sikes, a Houston-based real estate valuation firm with deep experience in eminent domain cases.
“As required by the Texas Constitution, a land owner is entitled to receive just compensation for property acquired through eminent domain,” said Deal Sikes principal Matthew Deal. “Our firm has decades of experience providing valuation services and expert testimony concerning property impacted by eminent domain for construction of roadways, utility lines, pipelines, rail projects and other public infrastructure programs across Texas.”
The Grand Parkway, also known as State Highway 99, is a partially completed loop planned for a 184-mile route around the outskirts of Houston.
A Houston-based firm founded by Matthew Deal and Mark Sikes, Deal Sikes provides valuation and counseling services for private property owners, governmental agencies, law firms, and a variety of corporations.