The nearly 21-acre, $45 million mixed-use development will head to Corinth later this year following a recent land purchase by Realty Capital Management LLC.
Named the “Parkway District,” the development will include approximately 275 high-end apartment buildings and townhouses, 20,000 square feet of retail space, a hotel, and a public green space with walkways. The project aims to create a walking community with public amenities and entertainment facilities in the city. It is expected to start operating at the end of 2023.
The project is part of a larger planned new development expansion along the city’s Interstate 35E corridor and will be one of the largest seed contributors to the Tax Gains Reinvestment Zone, according to a city press release. TIRZs are special zones created by municipalities to attract new investment by contributing funds towards renovation costs for public improvements.
“This is the first of many mixed-use developments for the City of Corinth,” said Corinth City Manager Scott Campbell. “The city is fortunate to partner with Realty Capital to create an amazing opportunity for Corinth that will spur jobs and investment.”
AMBER GAUDET can be contacted at 940-566-6889 and on Twitter at @amb_balam.