Understanding residential growth spurs business, Irving's City Council recently approved a Memorandum of Understanding (MOU) with Hines that could potentially bring 100 new families to Heritage Crossing. Approval of the memorandum occurred at the December 12 City Council meeting. The MOU was generated in response to an open call for bids posted by the city earlier this year. Hines, a leading developer, has a longstanding history with Irving having successfully constructed many developments in the city including La Villita, The Lakes of Las Colinas and Riverside Village.
"We now have an opportunity to have a tremendous developer, a well-proven developer in our city to build homes in South Irving that are a minimum of a $175,000." said Councilman John Danish in support of the project.
In addition to revitalizing downtown with new homes, the proposal includes plans to revamp aged infrastructure. While the MOU is not legally binding and represents an early stage of planning, the approved document allows involved parties to finalize the framework and draft a development agreement.
As proposed, the Hines project would be completed in four phases. Phase one of the project would result in the construction of 30 to 40 new homes north of Sixth Street along Delaware Creek. Asking prices for the homes would begin at approximately $175,000.
"This project will bring new families, new development and new businesses to Irving's downtown area," said Interim city Manager Steve McCullough. "This project will be a catalyst to future development and is likely to have a positive impact on the city."