A Nashville-based developer says it will start construction early next year on an 18-story apartment tower on North Central Expressway.
The 270-unit high-rise that Southern Land Co. plans will be on the west side of U.S. Highway 75 south of Knox Street.
“This project is going to bring something new and unique to the Knox Street neighborhood, which is the most vibrant retail and restaurant district in Dallas,” Todd Marchesani, acquisitions manager for Southern Land, said in a prepared statement. “The demand for urban living within walking distance to lifestyle amenities has continued to increase.”
Designed by architects Gromatzky Dupree & Associates, the new apartment tower will replace old office buildings on the site. A private park will connect the apartment community to McKinney Avenue.
Apartments in the building will range in size from 500 square feet to more than 3,000 square feet. The building is scheduled to open in early 2018.
Southern Land has done other North Texas projects, including developments in Allen, Keller, Plano and McKinney. The developer has more than $1 billion in projects under construction around the country, including in Denver, Nashville and Philadelphia.
Southern Land’s North Central Expressway apartment high-rise is one of several new rental projects in the works for the area around Knox Street just east of Highland Park.
Another developer — Dallas-based StreetLights Residential — has begun work on a 23-story apartment tower on the eastern edge of Highland Park at McKinney Avenue and Webb Street.
Ten Dallas high-rise apartment projects with more than 2,700 units are now under construction, according to MPF Research.
“We do have some concerns about the depth of demand for this really expensive product niche, given there’s a limit on the number of households who can afford high-rise rents and want that lifestyle,” said MPF Research vice president Greg Willett. “At this price point, virtually all the residents are renters by choice, and obviously they can change their minds about preferred housing product.
“If there’s pretty much anything about the building or unit that a renter prospect doesn’t like, someone spending this much will opt for something else.”
Steve Brown/ Dallas Morning News
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