Powell Corners has the potential to bring single-family home and multifamily development, as well as industrial and commercial uses, to the 58-acre site in Anna.
Multifamily developer Continental Properties and Dallas single-family developer Morphic Development have partnered on the project, which will be presented to the City Council on April 23 for feedback.
The land was previously owned by Anna's Hayslett family, who first came to town in the 1920s. Last year, the site emerged as a build-to-rent cottage-style community featuring more than 200 single-family homes by Phoenix-based NexMetro Communities. The project was rejected by the Anna City Council.
Currently, the entire site is zoned for single-family homes, but the development team has come up with four different uses for the land.
The developer plans to add mixed-density housing on about 11 acres and 324 multifamily units on just under 25 acres. The mixed-density portion of Powell Corner would require a subdivision consisting of single-family homes and attached residential lots on smaller lots. It's unclear how many single-family homes there will ultimately be.
The commercial complex will consist of small businesses with one or more operations within their premises and will occupy nearly seven acres of the development area. Developers are proposing to rezone about 13.5 acres from the railroad tracks to the industrial zone.
The current new approach to zoning is due to the developer's belief that single-family development is not economically viable given challenges such as the redesign and construction of CR 423.
Knapp Land Solutions will be involved in the land planning aspects of the project, and Manhard Consulting will serve as the engineer.
Continental's existing multifamily projects in North Texas include Springs at McKinney and Springs at Grand Prairie.
Wisconsin-based Continental is also proposing the creation of a public-private partnership for the multifamily portion.
Developers aim to begin the site planning process in June.
