Massive Mixed-Use Development Planned in Allen, Texas

Trammell Crow Company Announces $118 Million Mixed-Use Development in Allen, Texas

Trammell Crow Company is launching a significant mixed-use development near the new H-E-B store in Allen, Texas. This $118 million project will cover 60 acres at the intersection of Custer Road and State Highway 121, co-owned by H-E-B, Trammell Crow, and the Allen Economic Development Corporation. The development includes 433 apartments, townhomes, a hotel, office spaces, and a parking garage, with construction starting in November 2024 and completion expected by 2026.

A key feature of the project is the creation of a highly walkable community centered around a 5- to 10-acre park, designed to integrate residential, professional, and recreational spaces in a unified environment. Allen, an affluent area with a median household income exceeding $121,000, is expected to experience significant growth, with projections indicating a population increase of over 50% by 2050.

This development aligns with broader trends in suburban real estate, which increasingly favor mixed-use projects that optimize land use by combining residential, retail, and office spaces. The project's strategic design aims to attract both residents and businesses by fostering a live-work-play environment. The development is expected to enhance Allen's appeal as a corporate hub, drawing businesses seeking proximity to residential areas and dynamic amenities.

Allen, already an affluent area with a median household income of over $121,000, is expected to grow by more than 50% by 2050. The development is seen as a response to this anticipated growth, positioning the city as a key player in the broader Dallas-Fort Worth area, which continues to experience robust real estate and population growth. Experts also highlight that such mixed-use developments are increasingly favored for their ability to optimize land use and integrate residential, retail, and office spaces.

With this project, Allen is expected to benefit from a boost in corporate office presence, as businesses seek locations that offer proximity to residential areas and dynamic amenities. Overall, this development is part of a broader trend in suburban real estate that focuses on creating self-contained, walkable communities that cater to the needs of both residents and businesses.

Key Takeaways

• Trammell Crow Company plans $118 million mixed-use development near Allen H-E-B.
• Development includes 433 apartments, 102 townhomes, a hotel, office space, and a parking garage.
• Construction set to begin in November 2024 and complete in 2026.
• Project aims to create a walkable community with a multi-tiered central park.
• Allen's population expected to grow by over 50% by 2050, with a median household income of $121,000.### AnalysisThe $118 million development by Trammell Crow Company in Allen, Texas, aims to capitalize on the area's affluent demographics and anticipated growth. This project, featuring residential, commercial, and recreational spaces, could significantly boost local property values and attract businesses. Short-term impacts include construction jobs and increased economic activity, while long-term benefits may include enhanced community infrastructure and a more vibrant local economy. H-E-B's involvement suggests potential retail expansion, influencing market competition and consumer choices. Overall, this development is poised to reshape Allen's urban landscape, aligning with its projected demographic and economic trajectory.### Did You Know?
  • Trammell Crow Company:
  • Trammell Crow Company is a leading commercial real estate developer in the United States, known for creating large-scale, mixed-use projects that integrate residential, commercial, and recreational spaces. They are part of CBRE Group, Inc., a global real estate services company.
• Mixed-use development:
  • A mixed-use development refers to a property project that combines various types of buildings and spaces, such as residential units, commercial offices, retail stores, and recreational facilities, all within a single area. This approach promotes a more integrated and sustainable urban environment by encouraging a diverse range of activities within close proximity.
• Allen Economic Development Corporation:
  • The Allen Economic Development Corporation is a governmental or quasi-governmental entity responsible for promoting economic growth and development within the city of Allen, Texas. They often work in partnership with private companies and developers to facilitate large-scale projects that contribute to the local economy and enhance the community's quality of life.