City of Corinth issued the following announcement on Aug. 24
City of Corinth’s Council approved the rezoning of the 20-acre site located at the southwest corner of Corinth Parkway and I-35E for a $45M mixed-use development.
Irving-based Realty Capital Management, LLC, plans to develop the mixed-use development called the “Parkway District.” The development will deliver 327 high-end multi-family residences; 20,000 square feet of retail space; an 80-key full-service dual flag hotel; and public open space with a trail system that will tie into Corinth’s trail network. The plan will give area residents the opportunity to live in and visit a walkable community with public amenities and entertainment options that are not available today. It is anticipated that the development will break ground in late 2022.
According to Tim Coltart, managing director with Realty Capital “over the last two years we have worked closely with Corinth City Council and Economic Development Corporation to create a vibrant concept that will set the standard for the adjacent Agora concept. The Parkway District is intended to be a catalyst project delivering an array of dining options, a hotel, an urban park and quality housing for new and existing residents of Corinth.”
The Parkway District will be the catalytic development that will set the standard for future development along the City’s I-35E corridor and will be one of the largest initial contributors to the Tax Increment Reinvestment Zone (TIRZ). The City of Corinth has been working on a bold masterplan for a pedestrian-friendly, mixed-use development – Agora at Corinth, which will focus on a new transit station. Realty Capital has entered into a Chapter 380 Economic Development Incentive Agreement with the City and the Corinth Economic Development Corporation.
“Realty Capital’s decision to develop the Parkway District is a huge win for the city and residents of Corinth," said City of Corinth City Manager, Bob Hart. "This development will drive job growth opportunities, as well as enhance our tax base and create interest from other developers/retailer/restaurateurs seeking to expand and relocate their operations. As more retailers/restaurants move to Corinth, our residents and business community will continue to benefit."
About Realty Capital
Realty Capital is one of the premier real estate development firms in North Texas, specializing in transforming high profile locations into trend-setting projects. The firm has developed 5,000 residential units, 4,000 acres for single-family residential, and more than one million square feet of commercial space. Realty Capital has received numerous awards and acclaim for their developments. Some of the firm’s well-known projects include Switchyard in Carrollton, Texas and Lakeside in Flower Mound, Texas. For more information, visit www.realtycapital.com
About Corinth
Corinth is a growing community located approximately 30 minutes north of Dallas and Dallas-Fort Worth International Airport. With a population of over 22,000 residents, Corinth is highly regarded for its family-friendly culture, high performing schools, recreational opportunities, and safe neighborhoods. The city is focused on economic development and enhancing its quality of life. In support of this focus, the city created a TIRZ primarily flanking I-35E and spanning approximately 995 acres. The City will leverage the increase in tax revenues generated within the TIRZ to finance infrastructure and other eligible improvements. For more information, visit www.cityofcorinth.com
For more information about the project, please contact:
Austin Gray
(469) 533-4125
Agray@realtycapital.com
Original source can be found here.
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