PMB Capital Announces The Station - A New Mixed-Use Entertai
SACHSE, Texas, Jan. 11, 2019 /PRNewswire/ -- PMB Capital announces The Station, a new $250 million mixed-use development coming to Sachse, Texas. The 119-acre project will feature multi-family and single-family residences, restaurants, retail, office and entertainment options, all surrounding the green space of Sachse's 34-acre Heritage Park.
Located on President George Bush Turnpike, between Miles Road and Merritt Road, the master development plan includes a substantial upfront investment in public infrastructure, as well as major improvements to Heritage Park. Heritage Park will remain a city park that is open to the public and it will include new amenities such as an amphitheater, a boardwalk surrounding a large water feature, interactive play structures as well as walking trails that connect the park to the adjacent neighborhoods. "Heritage Park will be unlike any public park in the DFW Metroplex and a huge asset to the community of Sachse," said PMB Capital Partner Taylor Baird. "In addition to the substantial investment in the park, events will be programmed throughout the year, drawing thousands of new visitors to the area," added Baird.
PMB Capital and the City of Sachse devised a forward-thinking, public-private partnership to fund the public infrastructure and park renovation to bring this development to life for the residents of Sachse and surrounding communities. "I am very excited about The Station and the options it will provide for residents and visitors to eat, shop and play in Sachse," said Sachse Mayor Mike Felix. "We have heard our citizens and their desire for these types of amenities, and I look forward to delivering these to our community," added Felix. The City activated the development in early 2017 by initiating a new, flexible planned-development zoning overlay for the land near President George Bush Turnpike in Sachse. "We've worked with the City for more than a year on a creative financing structure that would ensure each parcel would be 'shovel-ready' at the outset and positioned to take advantage of market opportunities as they arise," said Baird. In addition to the major infrastructure investments, the high-density project will include approximately 400,000 square feet of commercial and retail, more than 600 apartment homes as well as more than 250 single family homes to be built by Ashton Woods and K. Hovnanian Homes. The Station is scheduled to open in early 2020.
PMB Capital purchased the property in October 2018, and CBRE's Marty Neilon represented the seller in the land transaction. PMB Capital is working with Kimley-Horn, Gateway Planning and TBG Partners on the engineering, land planning and landscape architecture for The Station. For more information, please visit: www.TheStationTX.com.
ABOUT PMB CAPITAL
PMB Capital is a privately-held real estate investment and development company based in Dallas, TX. With more than 35 years of combined real estate and capital markets experience, the PMB principals have developed over 5,000 residential lots and invested over $750 million in direct real estate acquisitions. PMB has the flexibility to invest across all real estate product types and in equity, debt and/or mezzanine capital structures. The company primarily targets major cities in the southwestern US with strong population growth projections. For more information, please visit: www.pmbinv.com.
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SOURCE PMB Capital