This will be a significant stride toward developing Old Town into “a dynamic environment for living, dining and entertainment,” he said. Construction is expected to take 18-24 months to complete.
In November, Lewisville City Council approved an economic incentive agreement with national real estate investment and development firm AMAC Holdings, which is set to build a six-story development consisting of a mixture of retail, residential and restaurant space.
“[Main & Mill] will provide residential density in the immediate core of Old Town, increase public parking in the core, and generate over $200,000 annually into the Tax Increment Reinvestment Zone No. 1, which will provide more dedicated dollars for public improvements in Old Town,” Moore said.
The development, which will be located at the southeast corner of Main and Mill streets and the northwest corner of Mill and Elm streets, will consist of 201 luxury-style residential units and 6,500 square feet of retail and restaurant space as well as structured parking, according to the economic incentive agreement.
“This project will help set market rental rates for Old Town which will bring even more urban developers here to invest,” Moore said.