Saturday, May 25, 2024

Realty Capital closes on Corinth property, plans $45M mixed-use development

Realty Capital Management, the master developer of Lakeside and other mixed-use developments in North Texas, announced Thursday that it has closed on a 20.86-acre site located at the southwest corner of Corinth Parkway and I-35E for a $45M mixed-use development.

The property was acquired by RCM Corinth Land, LLC from the city of Corinth and the Corinth Economic Development Corporation. Realty Capital plans to develop the mixed-use development called the “Parkway District,” according to a news release from the city of Corinth. The development will deliver approximately 275 high-end apartments and townhomes; 20,000 square feet of retail space; a hotel; and public open space with a trail system. The plan will give area residents the opportunity to live in and visit a walkable community with public amenities and entertainment options. It is anticipated that the development will break ground in late 2023.

“We want to thank the city of Corinth for working closely with us to create a strong and desirable vision for the Parkway District,” said Tim Coltart, managing director for Realty Capital. “The Parkway District will spawn a sense of community and foster synergy with the Agora at Corinth project and provide numerous shopping, dining, high-end living options, and amenities for the residents and visitors of Corinth.”

The Parkway District will be a catalyst for development that will set the standard for future projects along the City’s I-35E corridor and will be one of the largest initial contributors to the Tax Increment Reinvestment Zone, according to the city.

“This is the first of many mixed-use developments for the city of Corinth,” said City Manager, Scott Campbell. “The city is fortunate to partner with Realty Capital to build this tremendous opportunity for Corinth that will drive jobs and investment.”

Mark Smith
Mark Smith
Mark Smith is the Digital Editor of The Cross Timbers Gazette.

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