Work on the first phase of a $1.7B mixed-use project along the west fork of the Trinity River in Fort Worth will begin early next year.
Courtesy of Michael Hsu Office of Architecture
The 100K SF office building will offer ground-floor retail, two restaurant concepts and a private social club, all connected by a shared underground parking garage.
The first phase of the 37-acre Westside Village development will include a 100K SF trophy office building and a 308-unit luxury residential community.
Construction on the first phase of the project from FW Westside RE Investors LLC, a partnership between The Keystone Group and Larkspur Capital, is expected to be completed in 2028.
“We are excited to break ground on Phase I of Westside Village, introducing a distinctive office environment alongside thoughtfully designed residences that will bring something truly special to Fort Worth,” Larkspur Capital Vice President Schafer Smartt said in a statement.
At full build-out, the Westside Village development will include 880K SF of office space, 238K SF of retail, 1,785 residential units and a luxury, boutique hotel.
HPI will lead leasing on the office building at the northeast corner of University Drive and White Settlement Road.
“With Westside Village, the developers are creating a place where the city’s history and character meet forward-thinking design and modern amenities,” HPI partner Colt McCoy said in a statement. “It is setting the stage for Fort Worth’s next chapter of growth.”
HPI’s McCoy, Matt Montague and Jake Neal are leasing the project.
The residential building will have a mix of studio, one- and two-bedroom apartments.
Michael Hsu Office of Architecture is leading the design of the office building, with Corgan serving as architect of record. For the residential building, Corgan is serving as full-service architect.
SALES
Ascent Investment Partners acquired a 20-acre industrial development site near McKinney National Airport. The site is adjacent to Ascent’s McKinney 546 investment and half a mile from the airport.
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Westwood Financial bought the grocery-anchored Shops at Stone Creek retail center in Rockwall. Crestview Real Estate LLC developed the shopping center at 3066 N. Goliad St. in 2009 and provided management and leasing of the 80K SF asset for the last 16 years. JLL Capital Markets’ Barry Brown and Adam Howells represented the seller.
CONSTRUCTION AND DEVELOPMENT
Courtesy of Centurion American Development Group
Mattamy Homes will serve as the builder on the second phase of The Bridges at Preston Crossings development in Gunter.
Centurion American Development Group started work on the second phase of The Bridges at Preston Crossings, a master-planned community in Gunter it acquired in 2012. Centurion American expects to deliver new lots at The Bridges at Preston Crossings to builder Mattamy Homes later this month.
FINANCING
PACE Equity and Lone Star PACE announced the closing of $2.4M in commercial property assessed clean energy financing for the 57K SF Independence Medical Center at 5501 Independence Parkway in Plano. Planned renovations for the building include a full HVAC replacement, modernized common areas and the installation of 56 covered parking spaces with solar-paneled rooftops.
The improvements are projected to save $664K in utility payments over the assessment’s 30-year financing term.
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Courtesy of Creation Equity
The 635 Exchange industrial park will be made up of three rear-loading distribution buildings of 144K SF, 208K SF and 243K SF.
JLL Capital Markets helped secure construction financing for the nearly 596K SF 635 Exchange industrial development in Dallas. JLL represented the borrower, a joint venture between Creation Equity and PGIM Real Estate, to secure the financing through a 50-50 syndication between Veritex Bank and Comerica Bank. The 635 Exchange project sits on a 36.3-acre site at the corner of Interstate 635 and Interstate 35E and is scheduled to be completed in October 2026. JLL’s Greg Napper, Luke Rogers and Charlie Mossy worked on the deal.
PEOPLE
Younger Partners promoted Andrew Boster to managing director of industrial sales and leasing. Boster will focus on enhancing the firm’s industrial platform with recruiting and developing an industrial team to support user representation, opportunistic leasing assignments and one-off property sales.
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SRS Real Estate Partners added Ryan Byrne as executive vice president and managing principal with the capital markets team. Byrne will lead the growth of national retail investments across the South central region. Byrne was most recently a partner at the Byrne Co.
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Prestige Community Credit Union selected Ron Knight to be its president and CEO following the retirement of Sammy Shanafelt after 19 years. Knight has more than 23 years of experience and has been with Prestige for 17 years.
THIS AND THAT
The Milestone Group closed its sixth discretionary equity vehicle, Milestone Real Estate Investors VI, at its hard cap of $1.1B. The fund will continue Milestone’s value-add investment strategy of acquiring and repositioning middle-market suburban multifamily communities in high-growth U.S. markets across the Sun Belt and mid-Atlantic regions. Fund VI will target well-located, undercapitalized and undermanaged properties that offer embedded growth opportunities.