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Economic development agreement revised for multifamily development coming to Old Town Lewisville

A new four-story, multifamily urban residential development is coming to the corner of Purnell and Mill streets in Old Town Lewisville.

The development, which will span 4-5 acres, is “one of the largest redevelopment urban-style projects for Old Town,” according to city documents.

The apartment complex will have over 200 units contained in two separate buildings and is projected to cost a minimum of $30 million, documents state.

The city of Lewisville and developer JST Old Town LLC entered into an economic development agreement on Jan. 4. Construction was originally planned to begin in August 2021 with the project being completed by December 2022.

The project was delayed, however, for various reasons, including “unforeseen additional expenses related to cost escalations, possible utility relocations, and federal requirements related to creating a bunker for a 264-gallon diesel generator located on [an] adjacent property,” according to city documents.

Lewisville City Council voted 4-0 on Oct. 18 to amend the agreement. Council member Ronnie Cade abstained from the vote. The revised agreement includes a reduction in required parking space. The developers must now also include a fence on the west side of the development, host five public events each year for the next five years at a pocket park within the property, and make safety adjustments to an off site generator, according to city documents.

 

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