Lewisville City Council approved an economic development agreement with TSMJV LLC, a Lewisville-based development company.

The company owns a 3.21-acre tract of land at the northwest corner of South Charles Street and Lake Haven Drive, and proposed to build 55 for-sale townhomes in Lewisville's Old Town area, according to documents.

The details

TSMJV will construct townhomes that will be 2,000 square feet and will have a minimum investment of $27 million, according to city documents. As part of the agreement between the city and TSMJV, no more than two townhome units can be sold to one individual or entity.

There are also a handful of incentives TSMJV will receive as part of the project:
  • A grant in an amount equal to 100% of the water and sanitary sewer impact fees for the project paid by the developer to the city—estimated at $311,651
  • A grant in an amount equal to all fees paid to the city at the time of building permit—estimated at $61,600
  • A waiver of all park fees associated with the construction of the townhome units—estimated at $184,324; there are two Lewisville ISD parks across the street and adjacent to the site that are available to the public during nonschool hours
  • A grant in an amount equal to 100% of the ad valorem property taxes owed and paid to the city—not to exceed $400,000
What else?

TSMJV plans to start construction in December and complete it in three years or less, according to documents. The city projects the development will generate $124,000 each year in property taxes.