A developer is betting on the growth of a small suburb in the southern part of the DFW metroplex.
According to documents submitted to the Texas Department of Licensing and Regulation, an unnamed developer is planning a $50 million multifamily project in Mansfield. The project is located at 208 Smith Street and expected to break ground in October, with delivery slated for 2024, the Houston Business Journal reported.
It is unclear who is behind the project. The ownership is listed as Steven Shelley, who did not respond to HBJ’s request for comment by publication time, but there is a Steven Shelly listed as a Dallas-based vice president of AMAC Holdings, real estate investment and development firm.
The name of the 460,000-square-foot development is listed simply as Mansfield Multifamily Smith & Elm in the documents.
Plans call for a five-story residential building, a four-story residential building, a five-story parking garage and a restaurant shell building. Merriman Anderson Architects is attached as the designer for the project.
Mansfield has a population of 77,000 today and is projected to exceed 100,000 residents over the next decade. There are reportedly over 1,000 multifamily units under construction in the South Arlington/Mansfield submarket. Occupancy is above 96 percent in the submarket, and year-over-year rent growth is 14 percent.
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