In a joint public hearing, members of City Council and the commission voted 6-1 and 7-0, respectively, to rezone 47 acres of land to multifamily development at 4501 Hwy. 360, Grapevine. Developer Greystar is spearheading the second phase of The Preserve development, which will be called Elan Grapevine.
The second phase will include a gated community of 324 multifamily units surrounded by 33 acres of open space, including walking and biking trails. The new development will act as an extension of Phase I of the Preserve, which was originally denied in 2015 and then approved in 2018. The original development was the first to be designed under the city’s multifamily and mixed-use design standards manual, which was updated that same year.
Only one council member voted against the development. Council Member Leon Leal voted down the proposed site plan and the rezoning demand, saying he wanted to see more housing for the older residents.
“I will not be supporting this, and not because of your presentation or the job you’ve done,” Leal said. “I think we need to try to find a place for our older community that want to stay in our town. So, I hope that down the road, you might consider that.”
Groundbreaking for the project is expected around May or June of 2021, with a two-year timeline for completion. The addition of the multifamily units to the property will increase property tax revenue to the city by 166 times and bring in over $700,000 in permit fees, according to company documents.
“I think [the developer] has done a good job with it,” Council Member Chris Coy said. “That particular piece of property is challenging. It's kind of narrow, and you've got the creek and the airport. I think [the developer] has done a good job of maximizing what we have available with this piece of property."