REALTY CAPITAL CLOSES ON 20-ACRE PROPERTY IN THE CITY OF CORINTH
CORINTH, TX, January 19, 2023 – Realty Capital Management, LLC announced that they have closed on the 20.86acre site located at the southwest corner of Corinth Parkway and I-35E for a $45M mixed-use development. The property was acquired by RCM Corinth Land, LLC from the City of Corinth, and the Corinth Economic Development Corporation.
Realty Capital Management, LLC, plans to develop the mixed-use development called the “Parkway District.” The development will deliver approximately 275 high-end multi-family residences and townhomes; 20,000 square feet of retail space; a hotel; and public open space with a trail system. The plan will give area residents the opportunity to live in and visit a walkable community with public amenities and entertainment options. It is anticipated that the development will break ground in late 2023.
“We want to thank the City of Corinth for working closely with us to create a strong and desirable vision for the Parkway District,” said Tim Coltart, managing director for Realty Capital. “The Parkway District will spawn a sense of community and foster synergy with the Agora at Corinth project and provide numerous shopping, dining, high-end living options, and amenities for the residents and visitors of Corinth.
The Parkway District will be a catalyst for development that will set the standard for future projects along the City’s I-35E corridor and will be one of the largest initial contributors to the Tax Increment Reinvestment Zone (TIRZ).
“This is the first of many mixed-use developments for the City of Corinth,” said City of Corinth City Manager, Scott Campbell. "The city is fortunate to partner with Realty Capital to build this tremendous opportunity for Corinth that will drive jobs and investment.”
About Realty Capital Management:
Realty Capital, a Dallas/Fort Worth based development firm, was founded in 1987 by Richard Myers. Since its formation, Realty Capital has developed nearly 200 projects in Texas and Colorado, including over 10,000 residential units and more than two million square feet of commercial buildings. Currently, Realty Capital has $500 million of projects under development. Some of the firm’s well-known projects include Lakeside in Flower Mound, Texas, The Village at Colleyville in Colleyville, Texas, and Main Street Lofts in Mansfield, Texas. For more information, visit www.realtycapital.com.
About Corinth
Corinth is a growing community located approximately 30 minutes north of Dallas and Dallas-Fort Worth International Airport. With a population of just shy of 23,000 residents, Corinth is highly regarded for its family-friendly culture, high performing schools, recreational opportunities, and safe neighborhoods. The city is focused on economic development and enhancing its quality of life. In support of this focus, the city created a TIRZ primarily flanking I-35E and spanning approximately 995 acres. The City will leverage the increase in tax revenues generated within the TIRZ to finance infrastructure and other eligible improvements. For more information, visit www.cityofcorinth.com
