A developer has closed on a land tract in Dallas-Fort Worth after securing financing to build a $100 million mixed-use development.
The project, called Watson Branch, is planned for the 77-acre development site near Farm to Market Road 157 and Mouser Way, which is roughly 22 miles from downtown Fort Worth in Mansfield. Plans for Watson Branch include apartments, an active-adult property targeting residents 55 years and older, retail and restaurant space, a 10-acre park and single-family homes.
The master developer Realty Capital Management, based in Irving, Texas, is teaming up with Greystar Development to build a 190-unit active-adult property and Dallas-based Trinsic Residential for a 350-unit apartment complex. The 250 single-family homes are planned to feature lot sizes ranging from 50 feet down to 22 feet for townhomes.
The long-awaited land deal comes a year after Realty Capital Management successfully rezoned the tract for the mixed-use development after a series of city council meetings. Terms of the land deal were undisclosed.
“The planning of this development has been no small task,” said Tim Coltart, managing director of Realty Capital Management, in a statement. “This development represents years of hard work and coordination.”Coltart said the goal is to bring a mix of housing options with some new retail to the core of Mansfield, a suburban North Texas city with more than 75,000 residents. Recently, a Mansfield company bought Pier 1 Imports’ last remaining real estate holding, a distribution hub with plans to market the space for lease, in a move betting on the future growth of the city.