Tentatively called Home Town Apartments, the project is still being designed. James W. Archie, COO of Realty Capital Commercial Corp., says the project will include 200,000 sf to 250,000 sf of retail. The first phase will add 200 apartments and nearly 50,000 sf of retail to mix for the Home Town community's master developers, Portfolio Development LLC and Arcadia Development Corp., both in Dallas.
The Venue at Home Town, situated on 8.6 acres at 9012 Courtenay St., has seven buildings with 189 high-end apartments atop 55,600 sf of retail. Archie says the Venue's residential component is 60% leased and the commercial, 30%. He says the 46-acre tract, bought several months ago, will take roughly four years to build out.
[IMGCAP(2)]"The Venue was a proving ground for us with them [Home Town's master developers]. That's why they went ahead and sold the 46 acres to us," Archie tells GlobeSt.com. Work on streets and utilities begin in Q4, with the first phase ticketed to come on line in Q4 2009. The development site sits at the hard corner of Walker Boulevard and Boulevard 26, a Main Street-type thoroughfare for the New Urbanism-style development.
The Princeton, NJ team of Memphis-based Looney, Ricks, Kiss Architects Inc. is designing Home Town Apartments. Archie says it's still up in the air if the Venue and upcoming multifamily and retail development will be held for the long term or sold after they are finished and stabilized. Rory Maguire, senior vice president of acquisitions for the Colleyville-based development and investment group, structured the financing for the affiliate, RCP Hometown Apartments Ltd., which is a partnership between Realty Capital Corp. and Realty Capital Partners.
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