Multifamily Monday: Building in the 'Burbs
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|Transit Oriented Developments: They're not just for big cities anymore. Less than a month ago, Huffines Communities started construction on Denton County?s first TOD— a 90-acre $300M infill multifamily community adjacent to the new Denton County Transit Authority Hebron rail and bus station in Lewisville.|
|At the kick-off celebration for the project, called Hebron 121 Station, we caught up with Huffines Communities prez Robert Kembel and Lewisville mayor Dean Ueckert. At the intersection of I-35E and SH 121, the initial phase includes 234 multifamily, resort-style residences and is expected to be completed in late spring. Calling the TOD ?a unique offering,? Bob says Huffines found an infill site at a perfect location relative to the airport, Vista Ridge Mall, the rail station, George Bush Turnpike, and SH 121. Couple that with the Las Colinas employment center a short drive away and there are ?overwhelming odds of this being a successful project,? he says. ?There aren't many multifamily locations that have transportation, jobs, retail, and recreation in one area.?|
|Pre-leasing of Hebron 121 (rendered above) begins in February and the first occupants should move in around May or June, Bob tells us. The project will be built in phases with the commercial/retail components coming as more density is added around the train station, justifying the retail commercial, he says. With a projected six- to eight-year timeline, the development will include 1,755 multifamily units and 250k SF of retail and office space. Using the HUD 221d4 program through KeyBank, the loan is for 40-years with a sub-5% interest rate, Bob says. The Huffines family intends to own this development for its life, he adds. Hebron Station will be one of five stops on the A-line of the DCTA commuter line, expected to reach Lewisville by March, allowing passengers to ride from downtown Dallas to Denton along the Green Line with connections throughout the Metroplex.|