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

Final phase includes multifamily, hotel, office and restaurant uses

Texas /
Apr.April 13, 2022 04:14 PM

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.”

(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.





    Related Articles

    arrow_forward_ios
    Amy Detwiler with 6645 Northaven Road (Zillow, Redfin, iStock)
    Renovated contemporary Dallas home lists for $10.9 million
    Renovated contemporary Dallas home lists for $10.9 million
    Nitya's Swapnil Agarwal (Nitya Capital, iStock)
    Nitya Capital announces portfolio sale of five Houston multifamily units
    Nitya Capital announces portfolio sale of five Houston multifamily units
    A rendering of a massive mixed-use project planned for the 2300 block of North Field Street near the Perot Museum of Nature and Science (Hunt Realty, iStock)
    Dallas City Council considering tax breaks for Goldman Sachs for new downtown tower
    Dallas City Council considering tax breaks for Goldman Sachs for new downtown tower
    World Class Holdings’ Nate Paul (World Class, iStock)
    Court approves $95M sale of Nate Paul’s downtown Austin site
    Court approves $95M sale of Nate Paul’s downtown Austin site
    McKinney Avenue tower with Endeavor managing principal Jamil Alam (HKS, Endeavor Real Estate Group)
    Austin-based developer Endeavor to start work on uptown Dallas project later this year
    Austin-based developer Endeavor to start work on uptown Dallas project later this year
    JLL's John Brownlee and Zale Properties' Mark Zale and the Sapphire Bay building (JLL, Zale Properties, Saphire Bay Texas)
    Dallas homebuilder Zale Properties lands $58 million for mixed-use project
    Dallas homebuilder Zale Properties lands $58 million for mixed-use project
    Dallas, TX suburban home prices rising
    Suburban Dallas home prices accelerating faster than in city
    Suburban Dallas home prices accelerating faster than in city
    office workers and office construction
    Office jobs and construction continue to surge in Austin and Dallas-Fort Worth
    Office jobs and construction continue to surge in Austin and Dallas-Fort Worth
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...