A prime site near Texas Christian University and the Trinity River just got locked down.
2SP Partners and Transwestern Development Company bought a 10.2-acre site at Old University Drive and Merrimac Circle, where they plan to start construction this fall on the first phase of a development dubbed Merrimac, the Dallas Business Journal reported.Â
The $170 million initial phase will bring a seven-story, 337-unit apartment complex and 52,000 square feet of retail across several buildings.
The site sits just north of the Westbend development by Trademark Property Company, which is also expanding its residential footprint nearby. The area, near TCU and the Colonial Country Club, has become one of Fort Worth’s most active corridors for high-end mixed-use and multifamily investment.
The development team expects to secure permits by September, 2SP co-founder Kyle Poulson said. Once the first phase is built out, another 3.8 acres will be available for future phases that could include hospitality, retail or office space.
The team behind Merrimac includes architecture and design firms Kimley-Horn, Cooper Carry and Michael Hsu Office of Architecture. Transwestern declined to comment beyond confirming the project timeline; the partnership marks a notable play in Fort Worth for the Houston-based developer, which has several active multifamily and mixed-use projects in Texas markets.
2SP Partners, a firm founded by Poulson, Ricky Stuart and Jared Shope, has been gradually building its real estate portfolio around Fort Worth’s University Drive corridor. The firm owns the University Centre I and II office towers and came to local prominence by preserving the historic Oui Lounge bar near TCU.
Merrimac adds to the cluster of upscale multifamily and retail rising around the Trinity Trails, where developers are racing to secure remaining parcels in one of the city’s most walkable — and bankable — locations.
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