Construction is expected to begin early next year on a new 273-unit apartment complex adjacent to retail development at the Crossroads at Terrell. The complex is among two apartment projects planned for the city next year.
Oakridge Investments is working in conjunction with Ventures Development on the Crossroads apartment project, which will occupy an 11-acre site, according to CBRE Group Inc.
As part of the project, Oakridge will build an extension of Crossroads Parkway and connect it with Merchant Way. Oakridge also will pay for a short extension of city water and sewer, according to Terrell City Manager Mike Sims.
The developers will receive city property tax breaks as long as they fulfill all terms of an agreement with the City of Terrell, Sims noted.
The Crossroads apartments and a 225-unit apartment complex to be located near Trinity Valley Community College’s Health Science Center are the only two large apartment projects to receive city zoning approval in the past 10 years.
At the Crossroads, apartment dwellers will have the ability to walk from their residences to nearby shops, stores and restaurants, according to Sims
“People want a pedestrian environment,” he noted. “It will be a walk-able, pleasant place to be.”
People also will be able to stroll through a linear strip next to the apartment complex to a 1.6-acre park, he said. The project’s developer has agreed to put up $700,000 for the park, and the city will use that money to leverage a Texas Parks & Wildlife Department grant. The park will not cost Terrell taxpayers a dime, according to Sims.
The project near TVCC is about six months behind the Crossroads apartments project, Sims noted.
Other projects planned for the Crossroads at Terrell include a 132-room hotel, and a 20,000-square-foot convention center. Also, construction continues other retail establishments and restaurants. Spec’s is expected to open by the end of this year. Olive Garden and Chili’s are on schedule to open in early 2020, CBRE announced.