FARMERS BRANCH, TX-Churchill Residential Inc. of Dallas has started site work on a three-acre tract in the Mira Lago section of Mercer Crossing. The North Dallas land, under contract for nearly two years, will seat a 90-unit, age-restricted complex with upscale features much like its traditional multifamily neighbors.

The developer will deliver the project in fall 2008. “It fills what we perceive to be a need for age-restricted housing in Farmers Branch,” says the land deal’s broker, Garry Gibbons, vice president of Dallas-based Prime Income Asset Management Inc.

Gibbons tells GlobSt.com that the seniors’ independent-lifestyle project will consist of three- and four-story buildings that face the 1,200-acre Mercer Crossing’s unnamed lake and neighbor two multifamily complexes, each about 200 units. The 206-unit Laguna Vista at 1580 Mira Lago Blvd. was completed in November 2006. Details about Churchill Residential’s unit sizes and projected rents were unavailable from the developer, whose project will be the third multifamily development in Mercer Crossing. However, it will be the developer’s eighth age-restricted Evergreen flag to be planted in the metroplex, according to Churchill Residential’s website.

Churchill Residential bought the land from Transcontinental Realty Investors Inc. of Dallas. Land in the immediate area is fetching $14 per sf, with its location as the key contributor to the price. Mercer Crossing fronts Luna Road at the crossroads of Interstate 35, LBJ Freeway and Texas 190, the George Bush Tollroad. The acreage, which already houses 1.5 million sf of office space, also is earmarked for hotel, retail and additional residential development.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.