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Texas

Realty Capital adds 16-story apartment tower to $2B development near DFW

Final phase includes multifamily, hotel, office and restaurant uses

Alexander Brown, president, Realty Capital Residential, in front of a rendering of the planned 165-acre mixed use development along Lake Grapevine (Realty Capital Residential, Merriman Anderson Architects)
Alexander Brown, president, Realty Capital Residential, in front of a rendering of the planned 165-acre mixed use development along Lake Grapevine (Realty Capital Residential, Merriman Anderson Architects)

A multifamily high-rise will be built along Lake Grapevine, north of the Dallas-Fort Worth metro, in the final phase of a 165-acre mixed-use development.

Realty Capital plans to build a 16-story, luxury multifamily tower with more than 200 units for rent and ground-level retail at 2800 Lakeside Parkway in Flower Mound, Texas. Construction of the multifamily project, called Terranea, is expected to cost $110 million and wrap up in 2024, the developer confirmed.

(Merriman Anderson Architects)

Terranea is the latest piece to the larger Lakeside development about 30 minutes northwest of downtown Dallas. Realty Capital has built out about 125 acres over the past decade, and the remaining 40 acres has been marketed as a more dense and high-end mixed-use development called Lakeside Village. The firm finished construction in 2020 on a $75 million, 16-story luxury condo tower, which was the first piece to the last phase of development. Alexander Brown, president of Realty Capital Residential, said only a handful of condo units were vacant by publication time.

“The development at Lakeside, to date, has been extremely successful, and we’ve got the best portion of the development saved for last,” Brown said. “We’re trying to create a destination development in this part of DFW.”

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(Merriman Anderson Architects)

Over the next six to eight years, the remaining acreage will be filled with single-family homes, six lakefront restaurants, a wedding chapel, a hotel and office development and up to four additional residential towers, Brown said. The goal is to create a mixed-use project with more density and luxury offerings than the first phase of development.

The entire project spanning 165 acres will cost about $2 billion to $2.5 billion once completed, Brown said.

The Dallas-Fort Worth-Arlington metro added the most new residents in the state last year as people and companies relocated to the area, according to recent U.S. Census data. Collin, Denton, Tarrant, Kaufman and Rockwall counties added more than 117,000 people from July 1, 2020 to July 1, 2021, while the population in Dallas County took a nosedive as residents moved to the suburbs.

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