Bright Realty started construction late last month on the sixth-largest multifamily project to break ground in 2014. The first phase of the 4,000-unit Discovery at The Realm kicked off with 423 units, as part of a larger development, The Realm at Castle Hills in Lewisville. Bright Realty EVP Tim McNutt (right, with property manager Misty Jones) expects the project to appeal to the Gen Y'ers who don’t want to commute but like having luxury amenities.
The timing coincides with big employers coming to the area including Nebraska Furniture Mart, FedEx, Toyota along the SH 121 corridor, Tim says. The multifamily component complements surrounding developments like Bright Realty’s 150-acre $1B Crown Center office park (which broke ground in August) and the first Kroger Marketplace in the area, slated to open in 2015 at Josey and SH 121. Discovery (rendered here) will be marketed to young single professionals seeking urban-style living in a suburban market. Using podium-style building, there will be a covered parking space under every unit. With a construction project in the works, Tim says he’s seldom more than a mile away from home. That’s not so bad when his whole family lives in the Dallas area, he tells us.
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