Las Colinas has new plans for development.
On Thursday, the city council unanimously approved a proposal estimated to be worth upwards of $100 million from Atlanta-based Gables Residential.
The developer's proposal would transform 14-acres of space on O'Connor Road and Las Colinas Boulevard into a mixed-use development for workers, residents, and visitors called Water Street.
The City of Irving has already invested more than $4 million in the area.
"They want this type of development. They want to be able to shop and play in Irving. They want to be able to go to a restaurant here. They want to be able to shop here. And to live here. And I think this provides that," said City Manager Tommy Gonzalez.
The proposed development is located across the street from the Mustangs of Las Colinas at Williams Square. The designs would bring new apartments, restaurants, and shops along Lake Carolyn.
"It will have about 350 multi-family units, high quality multi-family units, about 70, 000 square feet of retail and restaurant space," said Chris Wallace, CEO of the Greater Irving-Las Colinas Chamber of Commerce.
City leaders hope their partnership with the developer will lead to more positive changes for the city.
The development is scheduled to begin early next year.
