Bright Realty is preparing to break ground on the second phase of Crown Centre, a 140-acre corporate campus in Lewisville.
Construction on the four-story, 147K SF building is set to begin in April and last through June of next year, Development Manager Britton Lankford said. The project is expected to cost $30M, according to a filing with the Texas Department of Licensing and Registration.
Crown Centre is in Castle Hills, a 2,900-acre master-planned community at State Highway 121 and Carrollton Parkway in Lewisville. Phase 2 is being built on spec, which has become more of an anomaly amid growing turmoil in the economy.
The developer’s ability to quickly fill two other office buildings on the property gave lenders confidence that the lease-up of this phase would also go smoothly, Lankford said. WIS International signed a 71K SF lease in Phase 1 of the project last spring, with plans to move in by the end of 2022.
“From the immediate market being full and us seeing a need for office to be provided to the area, in conjunction with the master-planned community that Bright Realty has created, lends itself to a loan,” Lankford said.
Crown Centre could eventually encompass 35 buildings. The property is entitled to include up to 2,000 multifamily units, 3M SF of offices and up to 500 hotel rooms.
Trinsic Residential Group is building 300 apartments on the site, of which the first two phases are complete and a third is in the works, Lankford said.
Bright Realty’s other mixed-use development, The Realm at Castle Hills, is also underway on the property. At completion, the $1.5B project will include more than 5,000 apartments and 1.5M SF of retail, offices and restaurants.
The land encompassed by Crown Centre is all that is left to develop in Castle Hills. In late 2021, the city of Lewisville annexed the 25-year-old community, adding 18,000 residents to its population.
Contact Olivia Lueckemeyer at olivia.lueckemeyer@bisnow.com
