As part of the venture, Weitzman has agreed to donate approximately 12 acres of land west of the Kroger on Windhaven Parkway.
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Two Dallas-based real estate developers are teaming up to bring a residential community combined with retail to part of Lewisville's Castle Hills neighborhood.
Retail company Weitzman has formed a joint venture with apartment builder JPI to develop part of a mixed-use development at the southwest corner of Josie Lane and Sam Rayburn Toll Road. The area already has several retail stores in Castle Hills Marketplace, most notably his 128,000-square-foot Kroger store. Other tenants include Chili's, Pei Wei and Indian restaurant Desi Chowrastha.
As part of this venture, Weitzman has agreed to donate approximately 12 acres of land west of the Kroger on Windhaven Parkway, where JPI will build 760 apartments next to the existing market. Become.
“We have had great success with shopping centers centered around grocery stores. [building] With 760 units, we'll probably give an additional 1,100 or 1,200 people the ability to walk to the grocery store,” said Weitzman Executive Vice President David Palmer, adding that the project is pedestrian-friendly. He added that he is aiming to
The $225 million residential project will be attached to Bright Realty's The Realm at Castle Hills, a larger 324-acre mixed-use community that includes offices, apartments and retail space.
Palmer said the multifamily project will open up two properties for mixed use.
In addition to handing over the apartments from JPI, Weitzman plans to construct 20,000 square feet of additional retail and restaurant space, split into two sections: 8,000 square feet in the future apartment building and 12,000 square feet in the adjacent lot. It is said that it will be done. Site plan.
Phase 1 of the project aims to deliver the retail portion of the venture. According to JPI, it is expected to be completed by fall 2025. The first apartment units are expected to be available by spring or summer 2025, JPI said.
Irving-based JPI Development LP is considered the largest multifamily developer in North Texas, delivering 2,436 homes in the area last year. The company was recently acquired by a Japanese company called Sumitomo Forestry America, Inc., a subsidiary of Sumitomo Forestry Co., Ltd., a Tokyo-based wood products and housing company.
“Weitzman and JPI have known each other for a long time and have a relationship,” Palmer said. “From a Weitzman partnership perspective, we’re excited to be working with perhaps the nation’s leading multifamily housing company.”
