Developers have purchased property in Keller for a major mixed-use development. The 38-acre Center Stage project will be north of Fort Worth at U.S. Highway 377 and Mount Gilead Road.
The project site is near financial giant Charles Schwab’s new Westlake headquarters and other major employers in the area.
Irving-based Realty Capital Management acquired the building site from Hanover Property Co. with plans to build a commercial and residential project.
The closing of the purchase was almost held up by the current pandemic and constraints on the capital markets, Realty Capital Management officials say.
“We have definitely encountered some obstacles in closing this deal due to the COVID-19 crisis,” Jimmy Archie, managing partner with Realty Capital Management, said in a statement. “Our original equity partner backed out of the deal a week prior to closing due to fears surrounding the uncertainty of the economy.
“We were forced to quickly pivot and find a new equity source.”
The developer obtained financing from Texas Bank Financial and partnered with investors represented by Dallas-based Realty Capital Partners.
Plans for the Center Stage development include 60,000 square feet of office, retail and restaurant space. The centerpiece of the project is a live-music entertainment space surrounded by restaurant patios.
There will also be 57 single-family patio homes and 475 apartment units.
Keller City Council approved the development plan earlier this year, with the first apartment project for the area in more than a decade.
“No doubt these are very difficult times, but there are still great real estate investment opportunities to be found,” said Blake Lugash, president of Realty Capital Partners. “This land acquisition, with its rare multifamily zoning, is one of those opportunities.”
Mark Boone of Realty Capital Management brokered the land purchase.
Realty Capital Management is also the developer of the 160-acre Lakeside DFW mixed-use project on Lake Grapevine in Flower Mound. Lakeside has more than 120,000 square feet of retail, restaurant, entertainment and office space along with 900 apartments and 260 single-family homes.
Construction was just completed on a 15-story condominium project overlooking Lake Grapevine.
Published on April 27, 2020 by Dallas News