A new $50 million multifamily project is heading to Mansfield.
The project is located at 208 Smith Street, according to documents
submitted to the Texas Department of Licensing and Regulation.
The development is expected to break ground in October, with
delivery slated for 2024.
On build-out, the project will total about 460,000 square feet. The
development is listed simply as Mansfield Multifamily Smith & Elm
in the documents.
The development will feature a five-story residential building, a
four-story residential building, a five-story parking garage and a
restaurant shell building.
It is unclear who is behind the ownership. The ownership is listed
as Steven Shelley, who did not immediately respond to a request
for comment by publication time. Merriman Anderson Architects is
designing the project.
There are over 1,000 multifamily units under construction in the
South Arlington/Mansfield submarket, according to CBRE’s
Dallas/Fort Worth Multifamily Figures Q2 report. Occupancy is
above 96% in the submarket, and year-over-year rent growth is 14%.
Mansfield has a population of 77,000 today and is projected to
exceed 100,000 residents over the next decade. Over 30,000 total
residential units are currently in development between Mansfield,
the city’s extraterritorial jurisdiction and some of the communities
immediately bordering Mansfield.