P
egasusAblon, a Dallas-based real estate investment and development firm, is planning a massive mixed-use project on over 65 acres near Interstate 30 and North Stodghill Road in Rockwall. The development, dubbed Rockwall Heights, will feature a 108,000-square-foot IKEA store as its anchor tenant, set to open in late 2025. At full build-out, the complex will encompass more than 350,000 square feet of retail space, 485 townhome and condo rental units, restaurants, and a central green space with an amphitheater.

    Mike Ablon, PegasusAblon's principal, aims to break ground on the project within a year and a half. He believes IKEA will attract retailers that might not have otherwise considered Rockwall, citing "serious conversations" already underway for tenancy. The project has received final approval from the Rockwall City Council, despite concerns from residents about traffic and multifamily units.

    Ablon notes that much of the traffic coming to IKEA will originate from I-30, rather than Rockwall's streets. He points to his firm's existing developments in Rockwall, including Harbor Village, as evidence of the quality planned for Rockwall Heights. The project is part of Ablon's larger vision for Rockwall County, which has seen significant growth – a 6.5% increase in population between July 2022 and July 2023, making it one of the fastest-growing counties in the US.

    Rockwall Mayor Trace Johannesen expressed enthusiasm for the project, highlighting its potential economic and employment impacts. Ablon believes Rockwall Heights will be a key driver of growth in the eastern segment of the Dallas metro area, which he sees as prime for development due to its proximity to downtown Dallas and I-30.