20 acres in Denton County ready for large scale mixed use development.

Irvine-based Realty Capital Residential plans to begin construction soon in the Park Avenue area of ​​Interstate 35 in Collins Parkway, southeast of Denton, the Dallas Morning News Report.

Realty Capital, whose president is Alexander Brown, will begin building the multifamily component, Parkway Lofts, in the coming months. Parkway Lofts will cost about $58 million and take about two years to complete. Each piece of equipment costs approximately $211,000.

In addition to apartments, the entire project is expected to have 22,000 square feet of retail and restaurant space, 16 townhouses and a hotel.

Citing planning documents filed with the state, the outlet reported that the development would be more than 421,000 square feet and include four-story apartment buildings with elevator service. Dallas-based architects 5G Studio Collaborative have been named designers.

Realty Capital acquired the Parkway District land in January. Realty Capital’s Austin Gray told the media at the time of the purchase that the site “presents the best opportunity to create a high-profile, landmark project along the I-35E corridor.”

As the area north of Dallas continues to grow, Denton County is seeing an increase in new development.

Pilot Point, the county’s oldest city, is on the cusp of becoming a “boomtown.” Arlington-based DR Horton and M/I Homes are planning a 600-family community in Pilot Point and have at least 15 more residential developments under construction.

— Quinn Donoghue

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