Several local business leaders met recently at The Lakes at Castle Hills for an update on commercial and residential growth in what has become one of the busiest development corridors in all of North Texas: the SH 121 area in Lewisville and The Colony that includes Castle Hills and the busy Nebraska Furniture Mart/Grandscape area.
What had previously been a bedroom community is transforming into one of the fastest growing areas of DFW. The population within the Retail Trade Area (RTA) along SH 121 has almost tripled in the last 15 years. And the total number of businesses in Lewisville grew from 4,300 in 2009 to more than 5,000 in 2012. That kind of growth will certainly continue with the number of corporate relocations to the area, said Lucas Patterson, executive VP for Bright Realty and a veteran in the commercial real estate field. The group met on November 17 at The Lakes at Castle Hills country club.
Patterson gave specific updates on new developments and status updates on ongoing projects to both business leaders and local homeowners, who are interested in how the activity will affect them.
Approximately 360 people are moving to Texas every day. According to the U.S. Bureau of Labor Statistics, the state has added 104,000 jobs in the last year and the unemployment rate in Texas is below the national average. Increased rents and a strong demand for space has resulted in the highest new development pipeline for retail Dallas-Fort Worth has seen since the recession, said Patterson. And with the progress on construction along 121, we are seeing some very exciting entertainment options and employment opportunities coming to our community as well as a lot of traffic and success for current businesses. The new Top Golf, for example, is one of the busiest and biggest earners of alcohol sales in the state.
Bright Realty has approximately 350 commercial acres at various stages of development in the area. Patterson said that Bright Realty recently signed an ALDI and several other tenants to a pad site on Josey and Windhaven. A pad site on 121, just west of Plano Parkway, will feature a sandwich shop and has a Starbucks under tentative agreement. In addition, infrastructure on the 150-acre Crown Center office park is complete and Bright Realty is currently marketing Crown Centres pad sites for Class A office for sale or build to suit.
Residential opportunities are also growing in the area. Bright Realty just released more than 500 lots for single-family homes in Castle Hills and is seeing heavy traffic from Toyota and other relocations. Development is also well underway for Discovery at The Realm with the first 423 of 4,000 luxury multi-family units being delivered spring 2016.
Lacy Teague, a business owner who recently purchased a home in Castle Hills, attended the meeting to learn about the most recent developments in the area as well as network with other local executives and residents. The meeting was a great opportunity to get insight from people who are both prominent and active in this specific community, and also invested in its success, said Teague. They have a clear understanding of its potential and I walked away with some very useful information, from the perspective of both a local homeowner and business owner.
Also discussed were commitments from other large retailers coming to the area such as a Rooms-To-Go flagship store, a Marriott and other hotels, an In-N-Out Burger and a Coyote Drive-In movie theater as well as the location for two future LISD schools.
Nebraska Furniture Mart alone is expected to bring in more than 8 million shoppers a year, said Patterson, and the projected population around Castle Hills will continue to experience incredible growth. We are working hard to bring both residents and the day time population the retail, office and entertainment this area will need to keep up with this kind of growth.
For information about The Lakes at Castle Hills, visit their website at www.lakesatcastlehills.com.