A 20-acre tract in Denton County is poised for a massive mixed-use development.
Irving-based Realty Capital Residential plans to start construction soon on Parkway District, on Interstate 35 at Corinth Parkway, southeast of Denton, the Dallas Morning News reported.
Realty Capital, whose president is Alexander Brown, will start building the multifamily portion, Parkway Lofts, over the next few months. Parkway Lofts will cost roughly $58 million, and it will take about two years to complete. The cost works out to almost $211,000 per unit.
Besides the apartments, the overall project is expected to have 22,000 square feet of retail and restaurant space, 16 townhomes and a hotel.
The development will span over 421,000 square feet and include four-story apartment buildings with elevator service, the outlet reported, citing planning documents filed with the state. Dallas-based architect 5G Studio Collaborative has been tapped as the designer.
Realty Capital acquired the land for Parkway District in January. The site “offers the best opportunity to create a landmark project with high visibility along the I-35E corridor,” Realty Capital’s Austin Gray told the outlet at the time of the purchase.
Denton County has seen an increase in new developments as the area north of Dallas continues to grow.
Pilot Point, the county’s oldest city, is on the cusp of becoming a “boomtown.” Arlington-based D.R. Horton and M/I Homes are planning a 600-home community in Pilot Point, and there are at least 15 more residential developments in the works.
—Quinn Donoghue
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