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$100M Home Town Project In Works for 46 Acres

NORTH RICHLAND HILLS, TX-Realty Capital is expanding its multifamily and retail footprint in Home Town. The developer gets enough land for another 708 apartments and nearly 250,000 sf of retail.

By Connie Gore | Updated on March 10, 2008

[IMGCAP(1)]NORTH RICHLAND HILLS, TX-A Realty Capital Partners’ affiliate has penciled a fourth quarter groundbreaking for the first phase of a 708-unit residential and retail project planned for the last 46 acres of commercially zoned land in the 287-acre Home Town. The $100-million project essentially is an expansion of the developer’s recently finished neighbor, the Venue.

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.

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