Lagoon Apartment Development Proposals Abound in Central Texas

6 July 2025

A wave of lagoon- and surf-themed developments is washing over Texas, although many are in the early stages.

iLand Development is reviving its proposed $1 billion Leander Springs project after losing city incentives by tapping the federal EB-5 program, which trades permanent resident status to foreign investors and their families in exchange for investment in commercial enterprises.

Leander officials will consider a downsized plan for a lagoon development with 1,200 apartment units this fall, but the project has fallen out of favor with city leaders because of water-use concerns and construction delays.

iLand also pitched a $400 million lagoon project with a monorail in Marble Falls.

Meanwhile, Surf Lakes Global is backing a surf park at the $1 billion Pura Vida development near Austin, led by SonWest Company. That is on top of a celebrity-backed surf project in Del Valle betting on demand for water-centric communities.

Here’s what else happened in Texas real estate this week.

DJE Texas Management Group is under federal investigation for alleged money laundering and wire fraud, with authorities seeking to seize about 1,000 acres tied to the firm and its owner, Devin Elder. The probe follows DJE’s financial unraveling, investor lawsuits and a major loan default on its hallmark redevelopment project in downtown San Antonio.

ValCap Group bought the 278-unit Bellevue at Spring Creek apartments, at 2401 West Spring Creek Parkway in Plano. The buyer assumed the property’s $33.5 million Freddie Mac loan, which was provided in 2020 and matures in 2030.

H-E-B is turning up the heat on its plans for a 60,000-square-foot Central Market in Dallas’ Uptown after nearly a decade of anticipation.

Who are the top 10 biggest landowners in Texas? Find out here.

Winners Tower, a $240 million proposal for a 25-story mixed-use project in South Dallas is tapping EB-5 investors for a luxury development that would rise in an overlooked part of town.

Blackstone closed its $718 million deal for a 6 million-square-foot industrial portfolio from Crow Holdings, even as company leaders cautioned that tariffs could slow real estate activity. They’re betting that construction costs from tariffs will boost the value of existing industrial assets.

Winstar Properties is looking to sell its 386-unit Parque Rio Apartments in East Dallas for $38 million amid a tough multifamily market marked by high vacancies and falling rents. The aging complex, burdened with lien claims and previously under contract in a failed sale, reflects broader challenges facing landlords after a flood of new supply in North Texas.

Dallas officials are considering ending a rule that lets nearby property owners automatically delay zoning cases by paying a $150 fee.

—Rachel Stone