Work on a $59 million mixed-use project in North Richland Hills is expected to begin in the coming months.
Carrollton-based Cover2 Capital expects to begin work on its Wheelhouse development (6401 Smithfield Road) in the first quarter of 2025. The project will include 277 apartments, 15 townhomes, three-level structured parking and more than 10,000 square feet of retail, said Blake Poston, the firm’s principal.
Construction is expected to take 24 months, and the first residents are expected to move in during the fourth quarter of 2026. The apartments range from studio to two-bedroom, two-bathroom units. The average rent for the apartments is $2,000.
The development’s 15 townhomes will have three bedrooms and 3.5 bathrooms. The average square footage is just over 2,000. Townhome rents will range around $4,000, Poston said.
Wheelhouse will have 1.5 acres of park and plaza greenspace that connects to the Cotton Belt Trail. Other amenities include resident coworking spaces and a fitness center.
Cover2Capital acquired eight separate parcels for the project, closing on the deal in early 2023. Later that year, the project received city council approval, Poston said. The development is close to the TEXRail’s commuter line.
The northwest Tarrant County community will also soon be home to a Peppa Pig theme park. The attraction, based on the long-running children’s series, is set to open next year.
“We expect Wheelhouse will be a catalyst development for the Smithfield (transit-oriented) district, encouraging pedestrian activity and promoting a functional and attractive community through a high level of detail in design,” Poston said.
