FARMERS BRANCH – Centurion American Development Group acquired 370 acres out of Mercer Crossing to build a $1 billion mixed-use development.
The vacant tract — purchased for $85 million — will be used for construction of single-family homes, apartments, retail and commercial space. Mercer Crossing has been in the works since the 1980s.
Initial plans call for a boutique hotel, restaurants with waterfront dining, shopping and entertainment facilities on the south side of the property. Around 3,500 apartments, 800 homes and a 48-acre office campus will also be included.
Developers are close to a deal with Tampa-based Epicurean to locate a luxury hotel on the property.
Construction on the first phases of development could begin as early as March.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.