Irving, Texas. September 11, 2012 –
Irving’s recent city council approval for the Water Street project, a mixed-use retail and residential project on a high profile 14- acre site at O’Connor Road and Las Colinas Boulevard, has Atlanta-based developer Gables Residential planning to begin construction early next year. The approval comes six years since planning began for the Water Street development.
The project includes more than 55,000 square feet of new retail space and about 300-350 luxury residential apartment and is valued at over 100 million dollars. The retail and residential project is located across the street from Williams Square and alongside Lake Carolyn. City officials say the project would boost activity in the Las Colinas Urban Center. The City of Irving has made numerous city investments alongside Lake Carolyn to spur development.
According to City Manager Tommy Gonzalez told NBC5 that the city has spent more than four million dollars improving the area so far.
The goal of the project is to keep Irving residents shopping and eating-out in Irving, boosting activity in Las Colinas.
"We think we hit this one out of the park and can't wait for this project to break ground," Mayor Van Duyne said in a written statement.
A national residential leasing and property management company, Gables spun off from Trammell Crow Residential in 1994 as a real estate investment trust. For years, it was a suburban apartment developer and still occasionally strays into the suburbs. But today, Gables, now privately held, is focused on building housing in what it describes as "premium value" neighborhoods.
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