The project will be situated on a 12-acre site near NW John Jones Drive and SW Alsbury Road, and is part of the 653-acre mixed-use development dubbed the Burleson West Transit Oriented Development District. Part of the district will involve a commuter rail line connecting Burleson and other cities to Fort Worth, as well as bus lines. Steve Mentesana, president of Encore Multi-Family says that Encore at Alsbury is one of the first transit-oriented development-specific projects to be planned for the site. Dallas-based JHP Architecture is the project designer.
Mentesana tells GlobeSt.com that there will be little competition from competing developments because of a dearth of construction loans. Encore at Alsbury's construction is being financed through the U.S. Department of Housing and Urban Development's 224(d) program, and HUD is not granting another loan on the same site right now.
As Encore Multi-Family is preparing for construction on this project, it's pursuing other potential locations throughout Texas on which to build more Encore-branded assets. Mentesana declined to discuss specific details about future projects as contract negotiations are underway. However, "they are outside of major metro areas that may not be on a TOD, but offer good access to transport, bus lines and rail," Mentesana comments. "We see this transportation development as a wave, and we're planning to use this to differentiate our properties from others."
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