Lewisville - Coppell | July 2024

From the cover

Mixed-use projects in Castle Hills aim to spur future growth

BY CODY THORN

The outlook

LEWISVILLE LAKE

Jeerson Castle Hills

Three upcoming projects in Castle Hills will boost the number of residents and tax dollars coming to Lewisville, said James Kunke, community relations and tourism director for Lewisville. Development in The Realm at Castle Hills will soon feature a 760-unit apartment complex. Construction company JPI and retail developer Weitzman will create a mixed-use development on a 12-acre piece of land near Kroger, a $225 million project that will be next to The Realm. According to Weitzman Executive Vice President David Palmer, the addition will bring an estimated 1,000 to 1,200 residents to the area. Jeerson Castle Hills, located at SH 121 and Josey Lane, will start with retail, which should be completed by February, according to Weitzman. Retail will be in two of the residential buildings and total 20,000 square feet, according to a news release. Leasing for the rst apartment units will happen next summer. Completion of the new phase of retail space is set for February. The development will be another opportunity to shop and walk home in the Castle Hills area, Kunke said.

SRT TOLL

Crown Centre Castle Hills

Lewisville

The Realm at Castle Hills

35E

121

Castle Hills

SRT TOLL

N MAP NOT TO SCALE

Addition by annexation

18,000 people added to population, up to 131,000 in 2021 324 acres in The Realm at Castle Hills development in 2021

133,533 Lewisville population in 2023

4,000 homes annexed in 2021

3,000 acres annexed in 2021

SOURCE: CITY OF LEWISVILLECOMMUNITY IMPACT

should open later this year.” She added that oce space rental has increased from 67% to 97% in the last four years.

“Since January of 2020, we’ve signed more than 40 new retailers to The Realm, and 28 of those retailers are currently open for business,” Bright Realty Marketing Manager Kat Schrantz said. “The others are building out their spaces and

Looking ahead

By the numbers

Another project at Castle Hills is the Crown Centre. This is a 140-acre project that is located near SH 121 and SH 121 Business. Kunke said the Crown Centre at Castle Hills will deliver the vision of “new urbanism” to Lewisville with apartments that could be up to 10 stories or higher. In addi- tion, there will be a mix of commercial space, oces, restaurants and entertainment options. “The new retail development in Castle Hills will enhance the local shopping and dining experience while also increasing property and sales tax revenue,” said Marichelle Samples, director of economic development for the city of Lewisville. According to Bright Realty documents, Crown Centre could include up to 2,000 multifamily units, 3 million square feet of oce space and up to 500 hotel rooms when completed. According to previous reporting, the project is expected to be a $1.3 billion mixed-use development. Like Castle Hills, Crown Centre is a mas- ter-planned community that will have outdoor amenities, according to Bright Realty. It is the last remaining undeveloped land in Castle Hills,

Despite a dip during the height of the COVID-19 pandemic, property tax revenue for the city has increased by nearly $5 million since scal year 2020-21 as property values have increased and more homes have hit the market. In addition, the city’s budget has gone up each year since the annexation, per city documents. In the FY 2020-21 budget approved by council, the city document stated adding Castle Hills would add $2.5 billion to the property tax rolls. There are 17 new businesses set to open this year at The Realm. Crown Centre II, a $50 million investment, is a four-story oce building that is set to open in August. “The revenue generated [from increasing property and sales taxes] will be reinvested into city services and infrastructure, improving the quality of life for all residents in Lewisville,” Samples said.

The Crown Centre I building opened in August 2020.

RENDERING COURTESY BRIGHT REALTY

according to Lucas Patterson, Bright Realty’s exec- utive vice president. Kunke said the development is about a decade away from completion. The 20-year plan for the development would feature 35 buildings, of which six or seven will be multifamily. “Crown Centre is wonderful for commuting,” Patterson said. “It oers employers and residents access to Dallas’ airports, shopping venues ... [and] all kinds of entertainment in the area. It’s an ideal place to mix work and leisure.”

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