Realty Capital Management has purchased a 77-acre infill property in Mansfield with plans for a mixed-use project called Watson Branch.
The mixed-use development will include 10,000 square feet of retail and restaurant space, 250 single-family homes, 190 active-adult multi-family units built by Greystar Development, 350 market rate multi-family units built by Trinsic Residential, and a 10-acre public park located along FM 157 and Mouser Way. The single-family homes will feature lot sizes ranging from 50-ft lots down to 22-ft townhome lots.
“The planning of this development has been no small task”, said Tim Coltart, Managing Director of Realty Capital, “with the land configuration, public infrastructure improvements, and number of uses; this development represents years of hard work and coordination. We are thrilled to bring a unique mix of housing options and fresh retail to the core of Mansfield. We want to thank our capital partners and the City of Mansfield for their commitment to the project”.
Realty Capital re-zoned the property in August 2019 after a series of City Council public hearings.
“As one of the last remaining infill sites in the City, this is a key development that will contribute to the revitalization of Downtown and improvement of the FM157 corridor. We are excited to have assembled a world-class team of builders that will make Watson Branch a high quality, beautiful mixed-use development,” said Spencer Long, development partner at Realty Capital. “We are extremely grateful of the Mansfield staff and leadership for their time and efforts spent on this project.”
The Watson Branch community will be located at a newly constructed stop-lighted intersection along N. Main Street that will connect Mouser Way to Business 287. The mixed-use community benefits from the expansive North Shore Trail System that runs through the entirety of the property, is zoned for children to attend school in the highly-rated Mansfield Independent School District, and is a three-minute drive from Downtown Mansfield.
RCM secured a loan from Louisiana-based First Guaranty Bank and partnered with Dallas-based Realty Capital Partners to finance the acquisition of the land.
“Realty Capital Partners is always looking for compelling investment opportunities and we found it with the Watson Branch mixed-use project,” said Blake Lugash, president of Realty Capital Partners LLC. “Mansfield is a great market, and this is a great location in Mansfield. The development is even more compelling since so many best-in-class builders are already on-board.”
Watson Branch is not the only project for Realty Capital. In July, Realty Capital Management announced that they have partnered with South Florida real estate firm PointOne Holdings to develop a 266-unit multifamily community in downtown Mansfield.
Main Street Lofts is the second phase of an existing project that was re-zoned by Realty Capital in 2015. This phase will be built on an 8-acre site and will be comprised of four midrise buildings featuring exceptional amenities, including a fourth floor indoor/outdoor lounge, a resort-style pool, clubhouse with mezzanine area, and a state-of-the-art fitness center. The property will have direct access to an expanded trail system that connects under N Main Street to the Mansfield Town Park, which includes a 600-seat amphitheater, playgrounds, picnic areas, trails and sport courts. The community will be within a short walk from the recently revitalized Mansfield downtown which features new restaurants, bars, and a major renovation of the historic Farr Best Theatre.
“Having witnessed the exceptional growth of Mansfield and expansion of its Historic Downtown over the recent years, we could not be more excited to deliver a project in the heart of the city”, said Coltart. “With direct access to public trails, proximity to downtown, and the excellent public schools in the area, Main Street Lofts is truly one of best development sites in the D-FW metroplex. We are incredibly thankful that First United Bank and PointOne Holdings share our vision for this project, and we are excited to continue our partnership with the City of Mansfield”.
Realty Capital secured a loan from First United Bank for the development of the project. NRP Construction is the general contractor and JHP Architecture is the project architect.