After a long journey that included several trips back to the drawing board, the City Council gave the green light to the final piece of a $325 million development that will include hotel projects, a 371-unit multifamily complex and a three-story office building.
The master plan community called Silver Lake Crossings is located at Texas 26 and Bass Pro Court, about two miles from Dallas-Fort Worth Airport.
Mehul Patel, chairman and CEO of NewcrestImage based in Lewisville, told the Council on April 18 that the project was a master plan development “that brings everybody together.”
Patel said it would take about two years “to build everything up.”
He said Silver Lake Crossings, which is located on 52 acres, when finished will be a sophisticated hotel, shopping, leisure, dining, multifamily and entertainment destination with upscale appeal.
Hotel projects in the works
As part of this project, NewcrestImage invested in a 300-room and convention center dual-branded Courtyard Marriott and TownePlace Suites that opened about four years ago.
The Council last fall gave approval to a nine-story, $100 million Renaissance Hotel on that tract with plans to break ground next April.
A third brand, Hilton Garden Inn, was approved in September and will join the two existing Marriott brands.
Efforts to fully develop the tract came to a conclusion on April 18 when the City Council approved 7-0 an $80 million, 371-unit multifamily project called Jefferson Silver Lake.
The dwellings, presenters said, will exceed most similar accommodations in the city, with washer-dryers in every unit, quartz and granite countertops, 10-foot-high ceilings, a clubhouse and a 1,500-square-foot terrace that will overlook a small lake. Efficiencies will cost a minimum of $1,285 a month and three bedrooms will start at $3,000.
Three-story office complex also approved
Also slated to go on the same tract of land, the Council unanimously approved a three-story, 55,000-square-foot office building. Patel said future tenants would include his company that would relocate its headquarters from Lewisville and attorneys who worked on the project.
“Our big thought process was connectivity,” Patel said of the development that will incorporate 42 of their 52 acres and include a restaurant, dog park, lake dock and private cabanas.
The breakdown of land use consists of 49 percent hotels, 13 percent retail and restaurants and 12 percent multifamily dwellings, with other percentages including lake projects.
“This is a perfect master plan,” Patel said, adding that construction is expected to be completed by December 2020.
City Councilwoman Duff O’Dell voiced her support, saying she found the project “very impressive.”
“I wouldn’t expect anything less than a quality project because you’ve got a lot of time and money invested,” she said.