Billingsley’s $3B Allen project taking off
The city of Allen could provide up to $75M in public financing
Billingsley is nearing the start of construction for its 500-acre mixed-use development that straddles the line of Allen and Fairview, about 25 miles northeast of Dallas.
The Dallas-based firm will embark on the first phase of the $3 billion project, dubbed Sloan Corners, which will feature more than 10 million square feet of office, 6,000 apartments and over 200,000 square feet of retail at full build, the Dallas Morning News reported.
In 2019, Billingsley acquired 240 acres at the southeast corner of U.S. Highway 75 and State Highway 121 in Fairview. Two years later, it bought 260 acres across the highway in Allen at the same intersection’s southwest corner. The firm has been working with city officials and landowners, the Petefish family, to develop the property.
The city of Allen just designated the area a reinvestment zone and tax increment finance district, which could result in the project receiving up to $75 million in public funds. Increased property tax revenues from Sloan Corners could help pay for streets, utility lines and sewer and stormwater infrastructure. The Allen side of the development is one of that city’s largest vacant properties and “qualifies for additional support as it transforms from hayfields to a regional employment hub.”
In Fairview, Billinglsey just gained approval to build a bridge across U.S. 75 that will link both sides of Sloan Corners and include pedestrian access, a company spokesperson told the outlet.
The first phase of the project is slated for an array of apartments and offices on Chelsea Boulevard in Allen. One apartment building, called Hartford Square, is set to rise four stories and will be designed by O’Brien Architects. It is expected to open by early 2026, the outlet said.
Billingsley is also at the helm of Cypress Waters, a 1,000-acre mixed-use development in Dallas. The site near LBJ Freeway and Belt Line Road houses about a dozen buildings with 2,000 apartments and retail space.
The firm acquired the land for Cypress Waters roughly two decades ago and is known to take their time with projects.
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