Work Begins on Phase Two of Suburban Dallas Transit-Oriented Development
- Jan 25, 2013
Lewisville, Texas—Developer Huffines Communities has started work on the second phase of Hebron 121 Station in Denton County, which is in the northern part of metro Dallas. The project is slated for completion in the summer of 2014.
Phase Two of Hebron 121 Station will add 444 one- and two-bedroom units, a resort pool complex, 14,000-square-foot clubhouse, additional open village greens, and an expansion of the existing lakefront boardwalk. According to the developer, the architectural design for the project will continue to be influenced by the style of coastal U.S. resorts and the West Indies.
In 2010, the first phase of Hebron 121 Station became the first transit-oriented development in Denton County and one of the largest TODs in Texas, served by a Denton County Transit Authority rail station. The 234 rental apartments in the first phase are currently 98 percent occupied.
In addition to developing the project, Huffines Communities also provided 100 percent of the equity, with financing provided by MUSA Financial L.L.C., doing business as Mortgages USA of Dallas. MUSA and Huffines Communities are utilizing HUD’s Section 221(d)(4) Multifamily Mortgage Insurance program in tandem with the Government National Mortgage Association Mortgage-Backed Securities Program.
In conjunction with the construction of this phase, the city of Lewisville has committed to the funding and construction of a bridge to form the main entrance to the property across Timber Creek from the I-35E north-bound service road. The bridge is expected to be open by late 2014. Lewisville will be reimbursed for its infrastructure investments by the 427-acre tax increment financing zone created by the city and which includes Hebron 121 Station.
The city of Lewisville also owns and maintains 150 acres devoted to hike-and-bike trails, lakes and green space surrounding Hebron 121 Station. Full completion of the entire Hebron 121 Station development is projected for 2018, and will ultimately include about 1,700 apartments and TOD-related commercial and retail space according to demand.