PMB Capital to Develop $250M Mixed-Use Project in Dallas Suburb
The Station will feature approximately 400,000 square feet of commercial and retail space, more than 600 apartment homes as well as more than 250 single-family homes that are to be built by Ashton Woods and K. Hovnanian Homes.
SACHSE, TX—PMB Capital, which is headquartered in Dallas, reports it plans to move forward with a $250-million mixed-use project on a 119-acre parcel here.
The real estate investment and development firm reports that PMB Capital and the City of Sachse, a northeastern suburb of Dallas, have devised a public-private partnership to fund the public infrastructure and park renovation in connection with the project that has been named “The Station.” The property, which was purchased by PMB Capital last October, surrounds the City of Sachse’s 34-acre Heritage Park.
The master plan for the development site located on President George Bush Turnpike between Miles Road and Merritt Road, includes a substantial upfront investment in public infrastructure, as well as major improvements to the city’s Heritage Park.
The project calls for the development of multi-family, single-family restaurant, retail, office and entertainment space. A deeper dive into PMB Capital’s announcement reveals that in addition to significant infrastructure work, The Station will feature approximately 400,000 square feet of commercial and retail space, more than 600 apartment homes as well as more than 250 single-family homes that are to be built by Ashton Woods and K. Hovnanian Homes. The Station is scheduled to open in early 2020.
“Heritage Park will be unlike any public park in the DFW Metroplex and a huge asset to the community of Sachse,” says PMB Capital partner Taylor Baird. “In addition to the substantial investment in the park, events will be programmed throughout the year, drawing thousands of new visitors to the area.”
Among the planned new amenities for Heritage Park will include an amphitheater, a boardwalk surrounding a large water feature, interactive play structures as well as walking trails that connect the park to adjacent neighborhoods.
“I am very excited about The Station and the options it will provide for residents and visitors to eat, shop and play in Sachse,” says Sachse mayor Mike Felix. “We have heard our citizens and their desire for these types of amenities, and I look forward to delivering these to our community.”
The city activated the development in early 2017 by initiating a new, flexible planned-development zoning overlay for the land near President George Bush Turnpike.
CBRE’s Marty Neilon represented the seller in the land transaction with PMB Capital last October. Kimley-Horn, Gateway Planning and TBG Partners are working with PMB Capital on the engineering, land planning and landscape architecture for The Station.