Executive Summary
Berkadia Real Estate Advisors is pleased to present the exclusive listing of Corsicana Crossing Land Site, a +/-15.26-acre multifamily development opportunity located in Corsicana, Texas. The site’s location is perfectly positioned with easy access to Highway 287 and I-45 with proximity to top employers, retail, hospitality, dining, entertainment venues, and parks, enhancing the living environment and attractiveness for prospective tenants.
The shovel ready site is currently zoned Commercial (C) allowing for this proposed development. It is located in a tax advantaged opportunity zone making for an excellent long-term opportunity. All the utilities are currently at the site and allows for the construction of a 312-unit multifamily community. Current renderings anticipate 312 units with a mix on one, two, and three bedroom floor plans, highly featured amenity center, resort style pool & amenity deck, a courtyard, dog park & greenspace, and additional amenity space.
Corsicana, Texas is an exceptionally attractive city that blends the best of small-town charm with modern amenities and vibrant community culture. Residents are drawn to Corsicana’s welcoming atmosphere, affordable cost of living, and diverse recreational and cultural offerings. The city features a robust economy powered by local businesses, education, and healthcare, providing stability and opportunity for families, professionals, and entrepreneurs alike. Corsicana’s rich history is celebrated through museums, festivals, and preserved architecture, creating a unique sense of place and pride for those who call it home. Parks, theaters, dining options, and annual events enrich residents’ lifestyles and foster strong community bonds. Its strategic location grants easy access to urban centers while maintaining the relaxed, friendly environment valued by its population. This dynamic mix of affordability, opportunity, culture, and convenience is what makes Corsicana a desirable place to live, raise a family, and build a career.
Development Attributes
- Resilient submarket performance supported by strategic retail adjacency, lifestyle amenities, and proximity to major employment centers—including Russell Stover, Guardian Glass, and Pactiv—collectively supporting more than 1,700 jobs
- Development-ready site (+/- 15.26 acres) zoned Commercial (C) with multifamily dwellings permitted by right per the City of Corsicana zoning ordinance
- Utilities readily available and accessible, supported by prior commitment letters from the City of Corsicana
- No on-site detention required, allowing for more efficient land utilization and site planning
- Risk mitigation through phased development (Phase I – 192 units; Phase II – 120 units)
- Favorable HUD financing potential supported by prior approvals
- Site location within a federally designated Opportunity Zone, enhancing after-tax returns through potential tax advantages
Investment Highlights
Resilient Market Performance
Corsicana has exhibited strong performance and durability, underpinned by a population base of 27,289 residents and a projected population growth of 6.6% by 2030. The employment landscape is robust with 791 workplace establishments. Median household income is estimated at $59,398, with a significant projected increase of 20% over five years to $71,048 by 2030, signaling financial strength among residents and prospective renters.
Supply Constrained – Favorable Lease-Up Dynamics
Currently, the market offers an average occupancy rate of 93.1% in Q4 2025 (94.3% five-year average). There is limited new supply in lease up and no meaningful new pipeline, indicating minimal competitive threat. Effective rents have grown 18.7% since 2021 with a 3.6% year-over-year increase, reaching $974/month.
Opportunity Zone Benefits Covering Wider Corsicana Area
The Corsicana Crossing site is situated within an Opportunity Zone, granting investors access to capital gains tax advantages, including deferral and exclusion on qualifying investments. These benefits extend throughout Corsicana, making the area attractive for both current and future developments.
Favorable HUD Financing with Prior Approvals
Developers can access HUD multifamily financing with long-term, non-recourse, fixed-rate loans, high leverage and construction-to-permanent options. The market’s prior approvals streamline execution and further increase financial feasibility.
Risk-Mitigation Through Phased Development
A phased development strategy allows sponsors to scale construction and lease-up in stages, controlling deployment, refining product mix, and responding flexibly to demand. This minimizes absorption risk and improves capital efficiency. Phase I is anticipated to be 192 units and Phase II is anticipated to be 120 units for a combined 312-unit multifamily development.
Strong Local Demand Drivers
Corsicana features key employment hubs (Russell Stover Candies, Corsicana ISD, Pactiv, Navarro Regional Hospital), with 32% of housing occupied by renters and 24% of residents in the prime renter age bracket (18-35 years). Education levels are high (76% high school diploma+), and more than 49% of jobs are white-collar, supporting stable, higher-income rental demand.
Proximity to Retail and Lifestyle Amenities
The location sits adjacent to the Corsicana Crossing Retail District and near major employers. Local amenities include retail (Home Depot, Ashley Furniture Store, Office Depot), hospitality, dining (Applebee’s, Chilis, Denny’s, Whataburger, Wendy’s), entertainment venues, and parks, enhancing the living environment and attractiveness for prospective tenants.
Most recently is the nearby Corsicana Crossing Retail Expansion which is a $10MM capital investment which will include an Academy Sports and Outdoors (63,000 SF) along with Ulta Beauty, Hobby Lobby, and Captain D’s Seafood amongst others.
Photo Gallery
Central Texas Office Contact
Investment Advisors
Kelly Witherspoon
Senior Managing Director
512.226.8706
[email protected]
Justin Cole
Managing Director
512.226.8711
[email protected]
Adam Sumrall
Director
512.960.2674
[email protected]
Bart Wickard
Senior Managing Director
214.360.3848
[email protected]
Matt Wideman
Managing Director
214.360.3847
[email protected]
Mortgage Bankers
Chad Bedwell
Managing Director
214.360.3874
[email protected]
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