Work Starts on Second Phase of $1.5 Billion Castle Hills Mixed-use Project in Lewisville

Developers have started construction on the second phase of a $1.5 billion Lewisville project.The 324-acre Realm at Castle Hills development on State Highway 121 west of Josey Lane will include offices, retail, restaurants and apartments.The first phase of the project started last year includes a 9-story office and retail building.Los Angeles-based Canyon Real Estate Partners said it is providing $14.7 million in funding to kick off building of the second phase with a 260-unit, 5-story apartment community with ground-floor restaurant and retail space."As the area population continues to grow, so will the need for more varied housing types and walkable communities," Eric Stanley, Bright Realty president and COO, said in a statement. "We are very pleased to extend our partnership with Canyon to complete the cornerstone and second phase of The Realm at Castle Hills."The team's dedication and experience in creating mixed-use properties will help us deliver a desirable lifestyle-focused community in one of the country's fastest growing job markets."The new development - which is visible from State Highway 121 - was designed by architects 505 Design and BOKA Powell.Andres Construction is the general contractor. BB&T provided construction financing.The second phase of The Realm at Castle Hill is scheduled to open in the fall of 2020.The first two phases of the development front on a new park.Castle Hills' project is just west of the huge Grandscape development on S.H. 121, which is anchored by Nebraska Furniture Mart.The $3 billion Legacy West development with office campuses for Toyota, Liberty Mutual Insurance, JPMorgan Chase and FedEx Office is further east along S.H. 121 near the Dallas North Tollway.Future phases of The Realm include plans for residential condominiums, an amphitheater entertainment district, more retail, restaurants and additional apartments.Castle Hills, which is one of the Dallas-Fort Worth area's most successful residential communities, has been the works since the 1980s.Land for the Castle Hills development was purchased starting in the 1950s by the late Dallas businessman H.R. "Bum" Bright.The Bright family continues to develop the property.  Continue reading...