Half of Sapphire Bay Apartment Units Ruined

The lagoon-themed development was just months away from accepting tenants at its 400-unit apartment complex on the shore of Lake Ray Hubbard. That was before half of the units sustained enough fire damage that they will need to be demolished. The developers of The View at Sapphire Bay, Zale Properties, say they expect to open the other half of the units on time.

The lagoon will be surrounded by development, including a Hyatt resort hotel, more than 1,500 residential units and 1.7 million square feet of restaurant, retail, entertainment, office and hospitality space, as well as more than 20 acres of parks and trails, a 1,000-slip marina and a fountain displays.

The Dallas Business Journal reports The View at Sapphire Bay had an estimated cost of $86.6 million. In May 2022, JLL Capital Markets closed $58.3 million in construction financing to Zale for the apartment complex, an eight-year, fixed-rate construction loan through Principal Global Investors.