One of the biggest areas of growth is along SH 121 at The Realm at Castle Hills, a mixed-use development, where nearly a dozen new businesses opened last year and nearly 20 more could open by the end of this year.
"The area [is becoming] a destination for everyone in the metroplex looking for shopping, dining and entertainment,” said Lori Fickling, president and CEO of the Lewisville Area Chamber of Commerce. “Those visitor dollars are always good for the local economy.”
The outlook
Three upcoming projects in Castle Hills will boost the number of residents and tax dollars coming to Lewisville, said James Kunke, community relations and tourism director for Lewisville.
Development in The Realm at Castle Hills will soon feature a 760-unit apartment complex.
Construction company JPI and retail developer Weitzman will create a mixed-use development on a 12-acre piece of land near Kroger, a $225 million project that will be next to The Realm. According to Weitzman Executive Vice President David Palmer, the addition will bring an estimated 1,000 to 1,200 residents to the area.
Jefferson Castle Hills, located at SH 121 and Josey Lane, will start with retail, which should be completed by February, according to Weitzman. Retail will be in two of the residential buildings and total 20,000 square feet, according to a news release.
Leasing for the first apartment units will happen next summer. Completion of the new phase of retail space is set for February.
The development will be another opportunity to shop and walk home in the Castle Hills area, Kunke said.
“Since January of 2020, we’ve signed more than 40 new retailers to The Realm, and 28 of those retailers are currently open for business,” Bright Realty Marketing Manager Kat Schrantz said. “The others are building out their spaces and should open later this year.”
She added that office space rental has increased from 67% to 97% in the last four years.
Looking ahead
Another project at Castle Hills is the Crown Centre. This is a 140-acre project that is located near SH 121 and SH 121 Business. Kunke said the Crown Centre at Castle Hills will deliver the vision of “new urbanism” to Lewisville with apartments that could be up to 10 stories or higher. In addition, there will be a mix of commercial space, offices, restaurants and entertainment options.
“The new retail development in Castle Hills will enhance the local shopping and dining experience while also increasing property and sales tax revenue,” said Marichelle Samples, director of economic development for the city of Lewisville.
According to Bright Realty documents, Crown Centre could include up to 2,000 multifamily units, 3 million square feet of office space and up to 500 hotel rooms when completed. According to previous reporting, the project is expected to be a $1.3 billion mixed-use development.
Like Castle Hills, Crown Centre is a master-planned community that will have outdoor amenities, according to Bright Realty. It is the last remaining undeveloped land in Castle Hills, according to Lucas Patterson, Bright Realty’s executive vice president. Kunke said the development is about a decade away from completion.
The 20-year plan for the development would feature 35 buildings, of which six or seven will be multifamily.
“Crown Centre is wonderful for commuting,” Patterson said. “It offers employers and residents access to Dallas’ airports, shopping venues ... [and] all kinds of entertainment in the area. It’s an ideal place to mix work and leisure.”
By the numbers
Despite a dip during the height of the COVID-19 pandemic, property tax revenue for the city has increased by nearly $5 million since fiscal year 2020-21 as property values have increased and more homes have hit the market. In addition, the city’s budget has gone up each year since the annexation, per city documents. In the FY 2020-21 budget approved by council, the city document stated adding Castle Hills would add $2.5 billion to the property tax rolls.
There are 17 new businesses set to open this year at The Realm. Crown Centre II, a $50 million investment, is a four-story office building that is set to open in August.
“The revenue generated [from increasing property and sales taxes] will be reinvested into city services and infrastructure, improving the quality of life for all residents in Lewisville,” Samples said.
