A 20-story residential development is coming to College Station.
Pinecrest plans to build it at 415 College Main, near Texas A&M University. The 260,000-square-foot project will have 199 units and 605 beds, according to Illinois-based Pinecrest’s website. The project cost is estimated at $70 million, according to plans filed with the state of Texas.
That works out to about $352,000 per unit and $116,000 per bed, although plans filed with the Texas Department of Licensing and Regulation are preliminary and subject to change.
The building will have eight stories of parking and 12 stories of residential, the filing states. Work is expected to start in April and finish up in the first quarter of 2026.
High-rise residential is cropping up around the campus, the Eagle reported.
Austin-based Parallel developed The Rev student housing, at 315 College Main, which rises 19 stories and opened with 802 beds in August. Parallel is also building a mid-rise student-housing development with 745 beds, at 401 First Street in College Station, which is expected to open next summer.
Trinisic Residential is planning a 300-unit apartment complex in Bright Realty’s $1 billion Crown Centre development in Lewisville. The project, called Aura Crown Centre and located at 2100 East State Highway 121 Business, is expected to cost $40 million, according to a filing with the state. That’s a little over $133,000 per unit. The complex will be wrapped around a five-story parking garage and will have a $2.5 million leasing office and amenity center. Construction is expected to start in December and be completed in December 2025.
Lonestar Development Partners plans to build a 316-unit apartment complex near Shavano Park in San Antonio. The 330,000-square-foot complex at 15023 Vance Jackson Road is expected to cost an estimated $40 million, or about $127,000 per unit, according to a TDLR filing. Construction could start in January and take about 13 months.
Seattle-based investor Timberlane Partners purchased the Maddox Hill apartments at 17927 Overlook Loop on San Antonio’s North Side, the San Antonio Business Journal reported. Terms of the deal weren’t reported, but Timberlane borrowed almost $43 million from J.P. Morgan Chase to buy the 322-unit complex, which was built in 2021. It was valued for tax purposes this year at $60 million, according to the Bexar Appraisal District.
A unit of Austin-based RPM Living has purchased the 440-unit Mustang Station apartments on undisclosed terms, a transit-oriented development at 2500 Pepperwood Street in Farmers Branch, the Dallas Morning News reported. Western Securities developed the complex in 2013, and it is 95 percent leased, the outlet reported.
Dallas City Council approved $41 million in economic development incentives for Sycamore Development, which has plans to spend about $116 million converting the long-vacant mid-century modern Cabana Hotel in Dallas to apartments, the Dallas Morning News reported. Sixty-four of the planned 160 units would be income-restricted affordable.
Louis Poppoon Development & Consulting hit a wall in trying to rezone two adjacent tracts for 732 apartments on the South Side of San Antonio, the San Antonio Business Journal reported. The city’s 20-year-old development agreement with Toyota, which opened a plant on the South Side in 2006, restricts zoning within a 3-mile radius of the plant. It requires “land use guidelines that satisfy Toyota regarding use, density, set-back and other restrictions consistent with” the agreement.
That agreement has been criticized before as “contract zoning,” that is, exchanging zoning regulations for development promises, the outlet reported.
“I need to be able to move forward to build apartments, but I can’t build apartments without zoning,” the firm’s founder, Steve Poppoon, told the outlet.
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