After several months of discussions and meetings with residents, the Westlake town council has approved Centurion American’s concept plan for a $500 million, mixed-use development, the Star-Telegram reported.
The initial proposal, which included apartments, was abandoned after facing opposition from Westlake residents. The new, unanimously approved plan calls for a mixed-use project to include office, retail, hospitality and entertainment outfits, along with single-family housing, residential detached homes, villas or townhomes, and condominiums.
To be developed on an 85-acre tract at Texas 114 and FM 1938/Davis Boulevard, the signature community, to be called Westlake Entrada, will utilize a design for a European-style village, with a Texas-Spanish Mission architectural theme. It will comprise as many as 322 residential units.
Planning is well underway and work is expected to begin in the first quarter of calendar year 2014. In an effort to give back to the community, developer Centurion American agreed to pay the town $10,000 per residential unit, which will be directed to the Westlake Academy for upcoming improvements.
Since 1990, Centurion American has developed well over 10,000 single-family lots in dozens of premier communities around North Texas, as well as several multi-story mixed-use buildings and infill development.
In other commercial news, Citybizlist reports that San Francisco-based Stockbridge Capital Group selected CBRE Group Inc. to market its Texas core industrial portfolio, located in the Dallas-Fort Worth and Houston markets.
The Dallas-Fort Worth assets represent a diverse mix of properties located in the Great Southwest, Arlington, Plano and Allen, while the Houston portfolio is a cluster of 12 buildings grouped together in the Northwest submarket.
Consisting of approximately 2.4 million square feet, the 23-building portfolio has an occupancy rate of 93 percent and provides a diverse tenant base including 57 in-place tenants ranging from 3,990 to 380,200 square feet.
CBRE’s Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni will lead the marketing efforts, along with the national partners team, local market experts and Scott Lewis with CBRE’s debt & equity finance division.
Photo credits: Westlake, TX official website