Developer Mehrdad Moayedi lands key tract to build $1B project in Farmers Branch
Longtime developer Mehrdad Moayedi — the man behind the build-out of the massive redevelopment of The Statler and the finish-out of the Stoneleigh Residences condo tower — has landed a 370-acre key tract of land in Farmers Branch, with plans to build a $1 billion “true mixed-use” development.
“We gave them the money this morning and we’re going through zoning with Farmers Branch to build $1 billion of development that will include office, retail, hotels, homes, townhomes and multifamily,” Moayedi told the Dallas Business Journal in an interview Thursday morning.
The tract along LBJ Freeway at the southwest corner of Luna Road has been owned by longtime real estate investor Gene Phillips for roughly two decades. Moayedi paid $85 million for the land.
Moayedi, president and CEO of Farmers Branch-based Centurion American Development Group, said Phillips likely sold him the land because he’d owned it for so long and wanted to ensure it was developed properly.
Compared with The Statler redevelopment, this is “more in our wheelhouse,” said Moayedi, who said Centurion will oversee the residential portion of the project with another group overseeing the commercial real estate portion of the project.
Plans for the development include two hotels, 3,500 apartments, retail shopping, more than 800 single-family home sites for townhomes and residential villas, 180,000 square feet of commercial space and a 48-acre office campus.
Moayedi also planning to build a boardwalk-like restaurant row along the lakefront in the development.
Other amenities include a 5,000-seat outdoor amphitheater and residential amenity center with plans for a kid splash park and pool for residents.
Construction is slated to begin in March on the initial phases of Mercer Crossing development.