More than 800 multifamily units have been added, with more expected in 2025, according to officials. Other projects include single-family and townhome developments that started construction since the Old Town Master Plan was last updated in 2022.
The plan is used by the city to revitalize the area to generate more population density and foot traffic. The city also relies on a tax increment reinvestment zone for funding public projects.
“You see a lot more foot traffic than you did a year ago or two years ago,” Planning Director Richard Luedke said. “That’s what we need to attract the new businesses.”
By the numbers
Net taxable value in TIRZ No. 1 has increased 602% over the baseline set in 2001, according to a city report.
That increase is driven by public improvements and new developments, the report states. In 2024, development finished on several apartment projects, including The Mill at Old Town and Main and Mill Apartments. Taxable value generated by multifamily projects was over $125 million in 2024.
Breaking it down
A TIRZ is possible through the Texas Tax Code and is used as a financing tool for public improvement projects in a specific area, Lewisville’s Economic Development Manager Christina Williams said. TIRZ No. 1 was established in 2001 and has generated nearly $16 million for projects in the area.
When a TIRZ is created, the property value within that zone is established as a baseline the year it was created.
Taxes up to the zone’s baseline value collected by public entities remain with those entities. As the zone’s property values increase though, participating entities can allocate the growth in taxes to a tax increment fund for public improvements.
“It’s also meant to continue stimulating additional growth, which continues to build the fund, which allows you to expand the amount of public projects that you can do to benefit the zone,” Luedke said.
The impact
For Cynthia Dearnbarger, owner of Flourish flowers & gifts on Main Street, new residential developments are bringing stability to businesses in the area.
Dearnbarger has owned the flower store in Old Town Lewisville for eight years and she’s lived in the area for nine years, she said. Since the new residential projects have opened, Dearnbarger said she’s noticed an increase in foot traffic, something that businesses have been waiting to see for years.
Members of the Old Town Business Association, including Dearnbarger, are also hosting events to bring more people from out of town.
“The business owners are at a place where we’re trying to do anything and everything that we can to get people aware of where we are and what we’re doing,” she said. “It definitely helps when people come in for the first time.”
Lewisville Mayor TJ Gilmore said it was key for the city to create an experiential space that people want to visit through its revitalization efforts.
The takeaway
Aura Main Street will be the latest multifamily development to open in Old Town Lewisville. The $50 million project is expected to open later this spring with 325 units available for rent. The five-story building will offer a mix of one-, two- and three-bedroom floor plans, according to Trinsic Residential Group’s website.
New residential developments help bring people to the area, Williams said. Retailers that the city’s economic development corporation hope to attract are looking at the amount of residents who are in the area, she said.
“That’s been a majority of our goal when we work with developers,” she said. “It’s like bringing the customer base in to stimulate the expansion of businesses down here.”
