Economic development agreement approved for 363-unit residential project in Old Town Lewisville

The city of Lewisville approved an economic development agreement for apartments in Old Town Lewisville.

The city of Lewisville approved an economic development agreement for apartments in Old Town Lewisville.

An economic development agreement between the city of Lewisville and REDevX 1 LP was approved Aug. 6 for the development of a 363-unit residential project.

The project will be located on approximately 8.67 acres of land at the northwest corner of College and Railroad streets.

The project has an estimated value of $30 million and will provide needed residential units in the area, according to city staff.

The agreement includes provisions for waiver or reimbursement of certain development fees and allows the developer to use a portion of the city’s property for construction staging.

Currently, the property is vacant and has a taxable value of $1.9 million, which equates to approximately $8,000 in property taxes collected annually for the city of Lewisville per the current property tax rate.
By Sherelle Black
Sherelle joined Community Impact Newspaper in July 2014 as a reporter for the Grapevine/Colleyville/Southlake edition. She was promoted in 2015 to editor of the GCS edition. In August 2017, Sherelle became the editor of the Lewisville/Flower Mound/Highland Village edition. Sherelle covers transportation, economic development, education and features.