Main Square Development is looking to develop a 1,531-acre master-planned community along Griffith Road and FM 245 in Terrell, about 30 miles east of Dallas.
The Dallas Business Journal reports that the community, called Terra Nova, will feature roughly 1,200 multifamily units, about 112 acres of commercial space and about 145 acres of parks and trails. The company is also considering building 2,600 single-family residential units.
The item is expected to be voted on by the Terrell City Council in August.
Construction on the first phase of the project could start later this year and will focus on the residential piece of the development along Griffith Road. The commercial elements would follow.
Terrell, which has more than 21,000 residents, is located in fast-growing Kaufman County. According to Census Bureau data, the county saw the second-fastest percentage growth in the country from 2023 to 2024.
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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