LEWISVILLE, Texas — Read this story and more North Texas business news from our partners at the Dallas Business Journal
Two Dallas-based real estate developers are working together to bring a residential community paired with retail to a part of the Castle Hills neighborhood in Lewisville.
Retail firm Weitzman formed a joint venture with apartment builder JPI to develop part of a mixed-use development at the southwest corner of Josey Lane and Sam Rayburn Tollway. The area is already home to some retail at Castle Hills Marketplace, which is notably anchored by a 128,000-square foot Kroger store. Other tenants include Chili’s, Pei Wei and an Indian eatery called Desi Chowrastha.
As part of the venture, Weitzman agreed to contribute roughly 12 acres of land west of the Kroger on Windhaven Parkway, on which JPI will build 760 apartment units next to the existing marketplace.
“We have a very successful grocery-anchored shopping center, and [building] 760 units probably brings on another 1,100 or 1,200 people where they can walk to the grocer,” said David Palmer, Weitzman executive vice president, who added the project aims to be pedestrian-friendly.
The $225 million residential project will be attached to Bright Realty’s The Realm at Castle Hills, which is a bigger 324-acre mixed-use community that includes office, apartment and retail space.
Palmer noted the multifamily project will open up the two properties through mixed-use.
Along with the delivery of apartments from JPI, Weitzman plans to build 20,000 square feet of additional retail and restaurant space, which will be split into two sections: 8,000 square feet in a future apartment building and 12,000 square feet in a neighboring lot, according to the site plan.
Phase one of the project aims to deliver the retail part of the venture. It is expected to be complete by fall 2025. The first units of the apartments should be available by the spring or summer of 2025, according to JPI.
Irving-based JPI Development LP is considered the largest multifamily developer in North Texas and delivered 2,436 homes to the area last year. The company was recently acquired by a Japanese firm called Sumitomo Forestry America Inc., which is a subsidiary of the Tokyo-based wood products and housing firm Sumitomo Forestry Co. Ltd.
“Weitzman and JPI have known each other for a long time and have a relationship,” Palmer said. “From a Weitzman partnership standpoint, we're excited to be partnering with probably one of the leading multifamily firms in the country.”
