Tentatively called Home Town Apartments, the project is stillbeing designed. James W. Archie, COO of Realty Capital CommercialCorp., says the project will include 200,000 sf to 250,000 sf ofretail. The first phase will add 200 apartments and nearly 50,000sf of retail to mix for the Home Town community's masterdevelopers, Portfolio Development LLC and Arcadia DevelopmentCorp., both in Dallas.


The Venue at Home Town, situated on 8.6 acres at 9012 CourtenaySt., has seven buildings with 189 high-end apartments atop 55,600sf of retail. Archie says the Venue's residential component is 60%leased and the commercial, 30%. He says the 46-acre tract, boughtseveral 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 andsold the 46 acres to us," Archie tells GlobeSt.com. Work on streetsand utilities begin in Q4, with the first phase ticketed to come online in Q4 2009. The development site sits at the hard corner ofWalker Boulevard and Boulevard 26, a Main Street-type thoroughfarefor the New Urbanism-style development.


The Princeton, NJ team of Memphis-based Looney, Ricks, KissArchitects Inc. is designing Home Town Apartments. Archie says it'sstill up in the air if the Venue and upcoming multifamily andretail development will be held for the long term or sold afterthey are finished and stabilized. Rory Maguire, senior vicepresident of acquisitions for the Colleyville-based development andinvestment group, structured the financing for the affiliate, RCPHometown Apartments Ltd., which is a partnership between RealtyCapital Corp. and Realty Capital Partners.

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