Realty Capital Management is betting on Corinth for its latest project.
Parkway District is a planned development that would bring 275 apartments, 16 townhomes, a hotel and 22,000 square feet of retail and restaurant space to a highly residential area near Lewisville Lake. The Irving-based developer will collaborate with the City of Corinth on its latest mixed-use project, the Dallas Morning News reports.
“This is the first of many mixed-use developments for the city of Corinth,” city manager Scott Campbell said.
Corinth isn’t exactly rural, but it lacks commercial developments. It’s one of the several communities along Interstate 35 that connects Dallas to Denton. RCM has purchased 20 acres on the southwest corner of Corinth Parkway at the interstate to build a walkable mixed-use development. The purchase was financed by Texas Bank and Trust. The terms of the deal weren’t disclosed.
“As one of the most visible sites remaining in Corinth, Parkway District offers the best opportunity to create a landmark project with high visibility along the I-35E corridor,” Campbell said.
The project would also bring some much needed density to sprawling Corinth, adding a town center that’s centered on a linear park.
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“Parkway District aims to be a hub for activity,” Austin Gray, a partner at Realty Capital Management, said in a statement.
“The development is designed to give area residents the opportunity to live in and visit a walkable community with public amenities and entertainment options that are not available today,” said Austin Gray, a partner at Realty Capital Management.
RCM recently broke ground for an apartment high-rise in Flower Mound overlooking Lake Grapevine. Founded in 1987, the firm has developed nearly 200 projects in Texas and Colorado. It currently has more than $500 million of projects under development.
— Maddy Sperling