Student Housing: Apartment complex to take place of former Home Depot

By Dawn Cobb for Denton Record Chronicle

As the shell of the former Home Depot disappears, plans are in the works for a new student apartment complex.

The 12.7-acre property at the southeast corner of Fort Worth Drive and Interstate 35E was bought by Campus Crest at Denton LP, a subsidiary of Campus Crest Communities Inc., which is planning to open the new housing complex by next fall.

The complex currently is planned to have 584 beds in about 296 units, though platting changes could change those numbers, according to Blake Shipp, assistant vice president of the commercial retail division for Weitzman Group.

Shipp, who handled the late October sale between Campus Crest and the former owners, Locust Fort Worth LLC, said the current demolition is the first visible part of what has been an ongoing process to disassemble the former 120,000-square-foot home improvement center.

Shipp said a portion of the property was sold to Taco Bell of America Inc., which will open a new restaurant near the existing Taco Bueno on Fort Worth Drive.

Terms of the transactions were undisclosed. However, according to deed records from the Denton Central Appraisal District, the former Home Depot was purchased in October 2006 for an estimated $4.3 million. The former home improvement center then became Purple Wave, an online auction house. The property has been vacant for at least the past year.

The property is zoned for apartments, said Linda Ratliff, the city’s economic development director. A building permit has not yet been filed with the city, she added.

Campus Crest, based in Charlotte, N.C., was founded in 2004 by Mike Hartnett and Ted Rollins, classmates at Duke University’s business school, according to the company’s website, www.campuscrest.com.

The company oversees 27 operating properties, seven in preconstruction and more than 25 in development, according to the website.

Comments or details about the project were not available from the corporate office of Campus Crest Communities at press time.

[dentonrc.com]

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