Morgan Group Plans $68 Million Mixed-Use Project in Irving

Morgan Group is moving forward with an apartment project in Irving, a Dallas suburb and corporate headquarters magnet.

The Houston-based developer plans to spend $68 million on Pearl Landing, a mixed-use development, according to a filing with the Texas Department of Licensing and Regulation. The 10.5-acre site at 1101 West Royal Lane, presently a vacant parcel owned by Atlanta-based Piedmont Realty Trust, will eventually have a multifamily complex of 403 apartments with fitness amenities and a pool, the filing shows. The total estimated construction cost amounts to about $169,000 per unit, and the gross area is 751,579 square feet.

Morgan plans to start construction this October and complete the project by March 2029.

TDLR filings are preliminary and subject to change.

Morgan secured approval from the city of Irving last August to rezone the lot from business land use to “community village,” permitting low-intensity mixed-use development, according to city documents. The development will be primarily residential, though a Morgan Group representative said at an August Irving City Council meeting that the community will include a restaurant component.

North Irving has one of the most sharply bifurcated multifamily markets in terms of rent in North Texas, with the average monthly rent exceeding $2,300 for a Class A unit and hovering at about $1,100 for a Class C unit, according to Colliers.

Out of all the submarkets in the Metroplex, only the Park Cities — the wealthiest neighborhoods in Texas — posted a rent gap between Class A and Class C properties wider than $1,200 per month last quarter. In the Park Cities, Class A apartments rent for about $2,700 per month on average, while Class C units rent for $1,150 per month, Colliers found.

Adjacent to DFW International Airport, Irving is home to several major corporate offices and headquarters. The project site neighbors a Gartner office, and it’s across the highway from the headquarters of McKesson and Vistra Corporation.In response to a 2025 state law intended to ease restrictions on multifamily development, Irving and several other Metroplex suburbs countered by enacting new, stricter ordinances. For example, Irving now requires new apartment buildings to stand at least eight stories tall if built on land where apartments were formerly forbidden.