IKEA is the just the start for this Dallas developer’s Rockwall project

Dallas-based real estate investment and development firm PegasusAblon has big plans for a more than 65-acre mixed-use development at Interstate 30 and North Stodghill Road, and IKEA is just the start.
The Swedish furniture retailer plans to open a 108,000-square-foot small format there in late 2025. It will be a key anchor for the Rockwall Heights development, said Mike Ablon, PegasusAblon’s principal.
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At full build-out, Rockwall Heights will hold more than 350,000 square feet of retail space, 485 townhome and condo rental units, some restaurants and a central green space with an amphitheater. Ablon will begin work on the retail portion of the development first.
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GFF is the architect for the project, and Segovia Partners will serve as the retail broker. There’s been a lot of interest from retailers as Ablon sought approval from Rockwall’s governing bodies for the development, Ablon said.
“If we could be out of the ground in a year and a half, we’d be very excited about that,” he said. “IKEA will allow us to bring retailers that might not otherwise come to Rockwall. We’ve got… serious conversations already for tenancy, and as quickly as we can put that together, we’ll move forward.”
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The project received final approval from the Rockwall City Council last month, despite concerns from residents on social media and during public meetings. The most vocal opposition came from those concerned about traffic and the multifamily units.
Abalon said the public discussion was “really good” because it gave him a sense of the residents’ concerns. Much of the traffic coming to IKEA isn’t flowing from Rockwall’s streets. It will come from I-30, he said.
Abalon pointed to his other work in Rockwall to demonstrate the quality of housing planned for the development. His firm owns the popular Harbor Village entertainment, dining and shopping district along the shores of Lake Ray Hubbard as well as the Ablon at Harbor Village lakefront apartments.
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Rockwall mayor Trace Johannesen said he’s excited about the project.
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“Not only am I thrilled with the economic and employment impacts for Rockwall, I’m excited to see which independent chef-driven concepts and retail brands at Rockwall Heights will meet the high standards of Rockwall, of our development partner PegasusAblon, and of IKEA’s iconic global brand,” Trace Johannesen, Mayor of Rockwall, said in a statement.
The new development is part of Ablon’s larger vision for Rockwall County as it continues to grow. Between July 2022 and July 2023, Rockwall County’s population grew 6.5%. That was the second-highest rate among counties with 20,000 or more people in the United States. Only Dallas metro’s Kaufman County grew at a faster rate.
Ablon’s making a bet that the eastern segment of D-FW will continue on this path. It’s close to downtown Dallas and I-30 runs right through it.
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“It is prime for the next wave of growth,” he said. “It is the dominant location for eastern growth.”