$1.5B set to expand mixed-used project in Dallas suburb
- Developer and commercial real estate agency Bright Realty on Tuesday broke ground on a new mixed-use, "urban core" project at its Castle Hills development in Lewisville, Texas. According to The Dallas Morning News, the value of The Realm at Castle Hills is $1.5 billion.
- The first phase of The Realm at Castle Hills, Offices at The Realm, will see construction of a nine-story office building — the first large building for Castle Hills — with 235,000 square feet of Class AA office and 15,000 square feet of restaurant space on the first floor. A park and outdoor entertainment space called Crescent Park will front the office development. The second phase of the project will include 260 units of multifamily housing built on top of 35,000 square feet of retail.
- The first phase of the Dallas-Fort Worth-area project is scheduled for completion in mid-2019, followed by the second phase in 2020. Bright said there are also plans for additional high-density phases of The Realm that will offer condominiums and an entertainment district with amphitheater, as well as more retail, restaurants and multifamily units.
The Dallas-Fort Worth area is home to several mixed-use developments, including those that are looking to take advantage of the live-work-play trend.
In Frisco, Texas, projects along the "$5 billion mile" are bringing hotels, residential, retail and entertainment options, including a mixed-use complex anchored by offices and training facilities for the NFL franchise's Dallas Cowboys. One of the major developments there is the $1.8 billion Frisco Station, which will feature residential, hotel and office spaces around The Hub, a mixed-use entertainment spot.
However, not everything is golden in Frisco. The troubled $2 billion Wade Park, one of the $5 billion mile projects, is in limbo after lenders moved to force the sale of the property. They are trying to recover $130 million in loans on which developer Thomas Land & Development allegedly defaulted. Before this action, work had already stopped amid reports of at least 7 million in unpaid bills.
Thomas has reportedly been trying to find additional financing for the project in an effort to avoid foreclosure, but, according to NBC DFW, the property has appeared on the county foreclosure rolls for four months running. On the day of the sales, however, the lenders have withdrawn the forced sale action at the last minute in the hope that continued negotiations around financing will yield results.
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