The parcel is the future site of Center Stage, a mixed-use commercial and residential development that will include 475 apartment lofts, a maximum of 57 single-family homes and nearly 60,000 square feet of commercial restaurant, retail and office space.
“No doubt, these are very difficult times, but there are still great real estate investment opportunities to be found,” Realty Capital President Blake Lugash said in a company news release. “This land acquisition, with its rare multifamily zoning, is one of those opportunities.”
Keller City Council approved a rezoning ordinance for the 38-acre parcel from commercial to planned-development, mixed-use at a Jan. 22 meeting. Council voted 4-3 to approve a modified concept plan for the highly contested development.
Along with decreasing the original number of apartments from 550 to 475 and the number of single-family homes from 70 to a maximum of 57, the developer has agreed to abide by further stipulations before presenting a detailed plan to the city at a later date.
The developer has agreed to implement city recommendations of 80% masonry on all facades, recalculate the amount of green space, provide cross access to Milestone Church and conduct a sound study.
“We are grateful to have such motivated partners that pursed the deal despite the COVID-19 crisis that has put a lot of deals on hold,” Realty Capital Managing Partner Jimmy Archie said in the release.