Developer moving ahead with retail, housing in Fort Worth suburb
Realty Capital Management is moving ahead with plans for Center Stage, a 38-acre development that features office and retail space, apartments and space for outdoor entertainment.
The company said in a news release that the deal to purchase the land, at the intersection of Mount Gilead Road and Highway 377 in Keller, closed on Friday although there were challenges because of the coronavirus pandemic.
The land will be home to Center Stage, a mixed-use development that will include 60,000 square feet of office, retail, and restaurant space, 57 single-family patio homes, and 475 multi-family units, according to Realty Capital Management.
It was a long process to purchase the land, with negotiations beginning in 2016.
Realty Capital Management secured a loan from Texas Bank Financial and formed a partnership with Realty Capital Partners to finance purchasing the property.
“No doubt these are very difficult times, but there are still great real estate investment opportunities to be found. This land acquisition, with its rare multi-family zoning, is one of those opportunities,” said Blake Lugash, president of Realty Capital Partners.
Center Stage is near several Fortune 500 companies, including Charles Schwab, Fidelity and Sabre Holdings.
In January, the city council voted 4-3 to approve changing the zoning to multifamily after a public hearing that lasted over five hours. Residents spoke in favor of the development, but some also opposed it saying they were concerned about more traffic on Mount Gilead Road and overcrowded schools.