2SP Partners and Transwestern Development are plowing ahead with the first phase of a mixed-use development that could include hundreds of apartments and retail next to the Trinity River in Fort Worth. The group recently closed on a 10.2-acre site along Old University Drive and Merrimac Circle.

2SP told the Dallas Business Journal that the first phase of the development will cost roughly $170 million. The company expects to break ground later this fall.

Plans for the development, called Merrimac, include a seven-story, 337-unit apartment complex and 52,000 square feet of retail across several buildings. After the first phase is completed, the remaining 3.8 acres could be used for retail, hospitality or office space. Michael Hsu’s Office of Architecture is handling the architecture for Merrimac.

The development site is just north of Trademark Property Co.’s mixed-use Westbend development. Westbend is expanding with 321 new apartments and 4,500 square feet of retail.