Two developers are tying up land near the Dallas Farmers Market to bring hundreds of new apartments to the southeast corner of downtown Dallas.
Apartment builder Wood Partners has contracted to purchase an almost 4-acre tract on Cesar Chavez Boulevard just east of the farmers market.
The vacant property has long been owned by Houston-based Camden Property Trust, which built the adjoining apartments.
“We are looking to do in the neighborhood of 300 units and plan to start in the first half of 2014, if possible,” said Wood Partners’ Ryan Miller.
Wood Partners is already one of central Dallas’ busiest apartment builders. The developer is building about 200 units in the Sylvan Thirty project on Fort Worth Avenue in West Dallas. Wood Partners has a second development site a few blocks away on West Commerce Street.
On Maple Avenue in the Medical District, Wood Partners is building 249 apartments next door to a light rail station.
Along with Wood Partners, another major apartment builder, Alliance Residential, is negotiating to buy a farmers market development site.
Alliance is in talks to acquire the property just north of the farmers market that floral and landscaping companies occupy.
A consortium of developers and investors won approval late last year from the city of Dallas to revamp the decades-old public produce market at Pearl Street and Interstate 30.
They plan to build 240 apartments on Pearl and replace underused old produce sheds with housing and retail space.
Adding in Wood Partners and Alliance Residential’s plans, as many as 800 apartment units could be coming to the district, which has been one of the last areas of downtown Dallas to redevelop.
InTown Homes also is building more than 100 townhouses on Cesar Chavez at Marilla Street.
“We are excited about the additional residential development occurring with the redevelopment of the farmers market,” said John Crawford, CEO of the economic development group Downtown Dallas Inc.
“This will serve as an additional catalyst for this part of downtown, which is beginning to come into its own.”
No comments:
Post a Comment