Construction Starts on $300M Mixed-Use Residential TOD in Suburban Dallas
- Nov 02, 2010
Lewisville, Tex.–Hebron 121 Station, a 90-acre mixed-use residential development in Lewisville, Tex., takes a big step toward realization with the commencement of construction of the first phase of the $300 million, resort-style infill project. Located 25 miles north of Dallas, Hebron 121 Station will be the largest rail-served master planned community in North Texas and one of the biggest transit-oriented developments in the entire Lone Star State.
Huffines Communities is behind development of Hebron 121 Station, which will sit across from the Denton County Transit Authority’s (DCTA) new Hebron rail and bus station, one of five stops on the commuter line that, upon its March 2011 opening, will allow for easy travel between Denton County and the Dallas-Fort Worth Metroplex. In addition to bringing the first TOD to the area, Huffines Communities plans to introduce a new style of living to Lewisville. Hebron 121 Station, designed by Humphreys & Partners Architects, L.P., will feature upscale offerings including a private lake, a waterfront boardwalk, a pool surrounded by private cabanas and palm tree-lined streets. Phase one will produce a bevy of three-story structures encompassing 234 one- and two-bedroom rental apartment homes with floor plans ranging in size from 586 square feet to 1,150 square feet.
The first segment of Hebron 121 Station, however, constitutes just a tiny fraction of the residential offerings that will ultimately be made available at the development. To be built over a period of six to eight years with general contractor CF Jordan Construction at the helm, the community will feature 1,755 multi-family residences at full build-out. Additionally, 250,000 square feet of retail and office space will help create a live-work-play environment that is common to TODs.
Given the trends in the area’s apartment market, Hebron 121 Station’s first 254 units, scheduled to come online in 2011, will likely find an eager audience. Denton County’s apartment vacancy rate has been on a consistent decline all year, according to a report by Marcus & Millichap Real Estate Investment Services, going from 8 percent in the first quarter, to 6.9 percent in the third, a figure well below the national average. The Dallas-Fort Worth area jobs markets is helping to fuel demand; the unemployment rate was 8.1 percent as of midyear, well below the national average, and non-farm employment is on track to increase 2 percent this year.
Not only will Denton County’s apartment market continue to benefit from conditions in the greater Dallas-Fort Worth area, a couple of local factors will help bolster its strength. Multifamily development has been constrained in Denton County and, as per the report, only 750 apartments will deliver this year. And then there is the issue of new transportation. “The addition of the commuter rail line will fuel more economic development in this area that will attract new residents and businesses to our wonderful city,” Lewisville Mayor Dean Ueckert noted in a prepared statement.