The North Texas developer has built similar projects in his homeport of Colleyville, Southlake and Grapevine. The fresh piece of dirt is located northeast of Realty Capital's usual development grounds, delivering a spot on the doorstep of the 2,500-acre Castle Hills community at the intersection of Texas 121 and Hebron Parkway.
Immediately after the land was bought, developer Richard Myers was in talks to flip three tracts, totaling about 20 acres, David Gregory, acquisitions director for Realty Capital Partners LLC, tells GlobeSt.com. The ready-to-go development land is zoned for retail, office and multifamily uses. The back-up plan called for Realty Capital to develop the site, which is part of the southeast quadrant at the heavily traveled crossroads.
"We're moving forward with development," Gregory says. "It definitely won't be just a flip." And keeping to its MO, Realty Capital will build an upscale project of residential, commercial and civic space.
Gregory won't discuss the acquisition price or identify the seller, except to say it's a local partnership. Comps for the immediate area show a large tract at the intersection was on the market without an ask. Land prices are all over the board, with well-located large tracts in comparable areas most often drawing top dollar. To put the deal into perspective, a 1.5-acre retail pad is on the market for $16 per sf in the immediate area.
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