Merit Commercial Real Estate has broken ground on a new master planned community, Alsatian Oaks, in Castroville, Texas, the US.
The company stated that the new 435-acre property represents over $500m investment into the City of Castroville.
It will include 950 homes, more than 400,000ft2 of restaurants, retail and medical office space, an amenity centre, neighbourhood parks and hike and bike trails.
The initial phase of the Alsatian Oaks will include construction of 233 new homes as well as utility systems to boost the ability of the city to serve the east side of Castroville.
It will also include development of a parkway linking to Highway 90, which will connect to F.M. 471/Culebra Road.
Additionally, Alsatian Oaks is located in close proximity to the recently-opened Walmart Supercentre, and is 15 minutes away from Downtown San Antonio.
Merit Commercial Real Estate CEO Will Collins said: “At Merit, our focus has always been creating long-term value for our partners, including the communities we invest in, and Alsatian Oaks is no exception.”
In July this year, company commenced construction of Shops At 493, a multi-phase 25-acre development, in Donna, Texas.
Upon completion, the new development will be over 200,000ft2 and will include more than 40 retail, restaurant, and service tenants.
Merit Commercial Real Estate stated that the complete development has been pre -leased to national tenants including Burlington, Ross, and dd’s Discounts.
It has also commenced construction on The Shops At Nolana located in McAllen, Texas in December last year.
The project has 16-acres of pads at signalised intersections with 3 hard corner lots.
Rendering of Alsatian Oaks Amenity Center in Castroville, Texas. Credit: Merit Commercial Real Estate.