Residences Proliferate in DFW Suburbs

By Georgiana Mihaila, Associate Editor

Residents will soon have multiple new options in the Dallas-Fort Worth metro area, thanks to a number of multi-family development projects.

One hundred ninety-four acres of raw land near Dallas-Fort Worth International Airport were purchased following a zoning change that boosted its appeal. While the land had been zoned exclusively for commercial use, a month ago the city council switched the zoning to 60 percent residential and 40 percent commercial. This change caught the eye of both Stratford Land and Realty Capital Corp., which formed a joint venture and bought the land.

The companies have released immediate plans for the land—situated near state highways 183 and 360—that entail parceling it off to residential and commercial developers.

Lewisville will also see its share of new multi-family development, as Alliance Communities recently revealed plans for a 363-unit Class A multi-family community, the Broadstone Valley Parkway. Set at the corner of West Round Grove Road and Valley Parkway, the garden-style multi-family complex will feature three-story buildings and attached garages. If all stages of the development process go smoothly, the complex will be ready to welcome its residents as early as December 2012.

Southlake does not fall far behind, as its city council has approved plans for 140 more residences in the town square. Developer Cooper & Stebbins L.P., owner and operator of Southlake Town Square, has not provided many details about the project, except that the units will be valued at around $250 a square foot. According to the Dallas Business Journal, the approval has increased the maximum number of homes allowed at Town Square from 115 to 185.