A North Texas developer is set to begin the second phase of construction on a $30 million office campus in Lewisville.
According to planning documents filed with the state, North Texas real estate company Bright Realty is readying construction on the second phase of the Castle Hills Crown Centre.
The Castle Hills Crown Centre is a more than $1 billion mixed-use development featuring residential, retail, and commercial space. Since it first opened in 1998, the 5,000 acres of Castle Hills have expanded to include two large mixed-use communities, The Realm at Castle Hills and Crown Centre at Castle Hills.
In total, Crown Centre features nearly 3 million square feet of offices, 2,000 apartments, 140,000 square feet of retail and restaurants, as well as a planned hotel.
Construction on phase two of the office campus is expected to begin in March, with the grand opening planned for 2024, according to the Texas Department of Licensing and Regulation. Phase two includes a planned 147,000-square-foot, four-story, speculative office campus on Regent Way in Lewisville.
The office campus’ first phase broke ground in 2019 and included the first of 30 planned buildings. The first building’s main tenant is WIS International, a retail inventory and analytics firm based in San Diego, California, which relocated to the space as a means to reboot the company’s identity and plans for the future.
Dallas-based architecture and design firm Corgan was the lead designer for the building.
North Texas is one of the country’s fastest-growing commercial real estate markets, with more than 7 million square feet of office space in development across the region.
In 2021, DFW accounted for $45 billion in commercial real estate investment. In 2022, that number was estimated to be slightly lower at $42.5 billion. Despite the lower investment total, DFW was still able to top the U.S. as the leading market for commercial real estate sales for three years running.
Relatively little of that new development has come to Dallas proper, however, as high rates of crime, homelessness, and vagrancy drive away potential residents and investors.