DALLAS, TX - Developer Huffines Communities announces the beginning of construction on Phase Two of Hebron 121 Station, The 90-acre in-fill, multifamily community is adjacent to and served by IH-35E, State Highway 121 and the Denton County Transit Authority Rail Station. Project completion for Phase Two of Hebron 121 Station is expected in late summer 2014.
“Huffines Communities is gratified to see so much excitement and demand for Hebron 121 Station. Our residents couldn’t be happier with the prime location and unique amenities, and we are pleased to be moving forward with the second phase of the community,” said Phillip Huffines, who co-owns Huffines Communities with his brother, Donald Huffines. “Hebron 121 Station is designed as a socially vibrant community, and we believe this development offers upscale renters a lifestyle and convenience they can’t find anywhere else in the Metroplex.”
Phase Two of Hebron 121 Station will add 444 one-and two-bedroom units, a resort pool complex, 14,000 square-foot clubhouse, additional open village greens and an expansion of the existing lakefront boardwalk. Architectural design for Phase Two will continue to be influenced by the style of coastal U.S. resorts and the West Indies. Full completion of the entire Hebron 121 Station development is projected for 2018, and will include approximately 1,700 apartment rental units and TOD-related commercial and retail space according to demand.
In 2010, Phase One of Hebron 121 Station was established as the first transit-oriented development (TOD) in Denton County and one of the largest TODs in Texas. The 234 rental apartments in Phase One are currently 98 percent occupied.
In conjunction with the construction of Hebron 121 Station Phase Two, the City of Lewisville has committed to the funding and construction of a bridge to form the main entrance to the community across Timber Creek from the I-35E north-bound service road. The bridge is expected to be operational in late 2014.The City of Lewisville will be reimbursed for its infrastructure investments by the 427-acre Tax Increment Financing Zone (TIRZ) which was created by the City and includes Hebron 121 Station.
“We are hoping to create a bridge that will complement and provide a unique gateway into the development,” said Mayor Dean Ueckert. “The City of Lewisville is happy to see the strong marketplace response to Hebron 121 Station, and we are excited to participate in the expansion of this very successful real estate development that is helping fuel economic development in our city.”
The City of Lewisville also owns and maintains 150 acres devoted to hike-and-bike trails, lakes and green space surrounding Hebron 121 Station.
In addition to developing the project, Huffines Communities also has provided 100 percent of the equity, with financing provided by MUSA Financial, LLC d/b/a Mortgages USA of Dallas. MUSA and Huffines Communities are utilizing the U.S. Department of Housing and Urban Development Section 221(d)(4) Multifamily Mortgage Insurance program, in tandem with the Government National Mortgage Association Mortgage-Backed Securities Program. Mortgages USA’s multifamily division is being managed by nationally known multifamily real estate financial executive Bernard P. “Bud” Malone, partner and CEO, along with President, Founder and Partner Jeff Morgan.
Hebron 121 Station is one of five stops on the A-line of the Denton County Transportation Authority commuter line, which allows passengers to ride from downtown Dallas to Denton along the Green Line with connections throughout the DFW Metroplex.
Strategic partners with Huffines Communities in the design, development, and management of Hebron 121 Station include Humphreys and Partners, Graham Associates, Inc., TBG Landscape Partners, Jordan Skala Engineering, Integrity Structural, HPA Design, general contractor CF Jordan Construction and Pinnacle Property Management.
About Huffines Communities:
Based in Dallas, Texas, Huffines Communities is a multifaceted real estate company established by Donald and Phillip Huffines to create first-class communities that provide an exceptional lifestyle. The Huffines Communities team is a leading expert in creating public and private partnerships, which redevelop sites to become significant assets for the cities and counties in which they are located. The company designs and creates pedestrian-friendly neighborhoods with master trail systems, adjoining retail and commercial services and, in some cases, neighborhood schools. To learn more, please visit www.huffinescommunities.com