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LEWISVILLE APPROVES INCENTIVES FOR TOWER BAY LOFT DEVELOPMENT

 

The Lewisville City Council unanimously approved an economic development incentive agreement Monday night worth $600,000 for an upscale luxury loft development at Tower Bay.

The property at 3000 N. Stemmons is adjacent to Tower Bay park. It had been used as an RV / mobile home park, but the new developer, Wittington Holdings is going to be building a four-story building with 280,000 square feet, 308 residential units, 16 penthouse units and numerous amenities.  The developer projects investing $40 million in the property.

Instead of cash assistance, the city will reimburse or waive $600,000 in fees normally due to the city for a development of this size, including $231,000 in park fees, $180,000 in building permit fees, and $189,000 in water and sanitary sewer impact fees.  

The agreement requires substantial completion of the lofts by June 30, 2021.

Under the city’s current tax rate of $0.436086 per $100 valuation, and given an initial valuation of the $40 million invested, the completed development should bring at least $174,000 per year into the city’s coffers once completed.  The property had been on the tax rolls at less than $1 million.

The City Council originally approved a zone change and the development in the summer of 2016.  Read more about the development.