The developer will deliver the project in fall 2008. "It fillswhat we perceive to be a need for age-restricted housing in FarmersBranch," says the land deal's broker, Garry Gibbons, vice presidentof Dallas-based Prime Income Asset Management Inc.

Gibbons tells GlobSt.com that the seniors' independent-lifestyleproject will consist of three- and four-story buildings that facethe 1,200-acre Mercer Crossing's unnamed lake and neighbor twomultifamily complexes, each about 200 units. The 206-unitLagunaVista at 1580 Mira Lago Blvd. was completed in November2006. Details about Churchill Residential's unit sizes andprojected rents were unavailable from the developer, whose projectwill be the third multifamily development in Mercer Crossing.However, it will be the developer's eighth age-restricted Evergreenflag to be planted in the metroplex, according to ChurchillResidential's website.

Churchill Residential bought the land from TranscontinentalRealty Investors Inc. of Dallas. Land in the immediate area isfetching $14 per sf, with its location as the key contributor tothe price. Mercer Crossing fronts Luna Road at the crossroads ofInterstate 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 residentialdevelopment.