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Multihousing Industry News in the DFW Metroplex
Wrecking crews are clearing away the last of the old Shamburger Building Center on Greenville Avenue to make way for an apartment and retail complex.
Prescott Realty Group bought the lumberyard at Greenville and Yale Boulevard in 2005.
Since then, the developer has been working on plans for redeveloping several sites in that area.
Prescott Realty hopes to complete the demolition and site work "in 30 days or so and close on all financing at same time" for the development, said chief executive Jud Pankey.
The project on the Shamburger site will contain as many as 450 apartments plus about 20,000 square feet of retail and restaurant space, according to filings with the city of Dallas.
And Prescott Realty has more property to redevelop for mixed use farther west on Yale and adjacent to its Radisson Hotel and office tower on North Central Expressway.
The developer's other Dallas projects include the Lake Highlands Town Center development on Skillman Street and the condominium tower being built adjacent to the historic Stoneleigh Hotel.
Source: Steve Brown
The Dallas Morning News
Reprinted with permission
Frisco Square to get major expansion
Trammell Crow Co. is teaming up with the owners of Frisco Square to begin a major expansion of the Collin County mixed-use project.
Fairways Equities and a Crow Co. real estate fund will build three phases of apartments along Frisco Square Boulevard near Main Street.
Work will start immediately on the first 281 apartments. The entire project is expected to be ready by 2012.
Veteran apartment developer Robert Shaw has been hired to construct the apartments. Mr. Shaw has a track record of high-end rental projects in Uptown, Addison and Plano.
The sprawling apartment development will join existing retail, office and residential buildings in the project, which is just east of the Dallas North Tollway. Frisco Square also contains Frisco City Hall, the public library and the Heritage Center.
The project was started in 2000. Frisco Square includes 147 acres and will eventually contain 4.4 million square feet of construction.
"The demand for luxury apartments is quite high in Frisco due to the growing demographics of young professionals," said Jim Leslie, managing partner of Fairways Equities.
"The market is calling for this.
"The project right now will be about 840 units in all three phases."
Currently, there are 114 apartments, located in the upper floors of buildings, in Frisco Square.
Even after the apartment development is completed, there will be room for additional retail and offices, Mr. Leslie said.
"There is still a lot of land left for development."
Comerica Bank is providing funding for the development, and Lincoln Property Co. will lease the apartments.
Crow Co. is developing the project for its Trammell Crow Co. Acquisitions II LP, a real estate acquisition fund.
Source: Steve Brown
The Dallas Morning News
Reprinted with permission
Apartments rising on Maple
Colleyville-based Realty Capital Partners is planning a 300-unit apartment complex on Maple Ave. just north of Inwood Rd. in central Dallas.
The project includes restoration of an existing 30,000-sf building into loft apartments.
The complex will be on eight acres near the University of Texas Southwestern Medical Center and a new light rail station.
Source: The Real Estate Center
Texas A & M University
Reprinted with permission
Construction of a $150M Oak Lawn redevelopment is under way
The first phase of a $150 million, 20-acre Oak Lawn redevelopment will open in early 2009.
Construction is under way on Cityville Oak Park on Lemmon Avenue just north of the Dallas North Tollway.
Developer Inland American Communities Group Inc. is building 372 apartments and 18,500 square feet of retail space in a series of three- to five-story buildings.
Architect James, Harwick + Partners Inc. designed the complex, which replaces several blocks of older rental housing and retail buildings just southwest of Highland Park.
The apartments will rent for $880 to $2,300 per month.
Inland American will start leasing the units this fall.
"North Oak Lawn has been a little underutilized," said Inland American's Todd Cook.
"We think having a large mixed-use development will definitely revitalize that area."
A second phase of construction will include 250 more apartments.
And the developer has set aside about 10 acres for townhouses.
Cityville is one of the largest of several such developments in the Oak Lawn area, which has been considered a more affordable rental location than nearby Uptown.
"It is a little bit cheaper, but not as big a price difference as you might expect," said Greg Willett, vice president with Carrollton-based apartment analyst M/PF YieldStar Inc.
"We are seeing more construction activity in these locations," he said.
"And as interest in doing that has risen, the land costs are going up."
Along with Inland American, other developers, including Lane Co. and Crosland Group, are building apartment projects in Oak Lawn.
Inland American - whose parent company is based in Illinois - last year combined its operations with Dallas-based builder FirstWorthing Corp.
Along with the Oak Park project, the developer is working on apartment communities at Lemmon Avenue and Cole in Uptown, and at the former Loew's Theatre site on Haskell Avenue near U.S. Highway 75.
Source: Steve Brown
The Dallas Morning News
Reprinted with permission
Some Dallas-area residents moving
closer to work to save money on gas
The old real estate maxim "location, location, location" couldn't be more apt during these days of $3.50 gasoline.
Some Dallas-area residents are already making a housing move to cut down on fuel costs.
Ben Patterson and his partner, Rick Ortiz, recently moved from an apartment near White Rock Lake to a central business district condo.
"Rick works downtown, so now he only has to walk about two blocks," Mr. Patterson said. "As a result, we pretty much only drive one vehicle these days."
And Mr. Patterson said his daily commute to Arlington was significantly shortened.
"With gas prices what they are, I'm not interested in having a 30-mile commute to work," he said.
The downtown transplants walk to do their grocery shopping at the Urban Market on Jackson Street and can dine at nearby restaurants.
Real estate agents say they are seeing a steady stream of potential buyers shopping for housing options in central Dallas neighborhoods - including downtown.
"I absolutely believe the cost of gas will have a substantial positive impact on in-town housing," said Dallas residential agent Jeff Updike.
But the shift may take a bit for some homeowners.
"Selling, buying and moving is a big financial decision, so people won't have the knee-jerk reaction many have had in changing to a more fuel-efficient car," said Mr. Updike, who is with Re/Max Urban.
"Now the investigation process has begun, and we have seen a tremendous increase in calls regarding the cost of urban living, homeowners associations, DART rail stations, etc."
New downtown resident James Howard just moved with his fiancée into the DP&L Lofts building, which ended his daily commute from Bedford.
"I've been in the 'burbs for many years," Mr. Howard said. "I was looking forward to the move. We saw it as an opportunity too good to pass up."
Mr. Howard walks to his job at the Bureau of Labor Statistics.
"It's a grand total of four blocks," he said. "That means quite a bit of savings" in weekly gasoline expense.
Before, his round-trip commute was 45 miles.
"Where you live in relation to where you work is definitely going to be higher on the list of things people need to consider," Mr. Howard said.
Homebuilders, who have traditionally gone to the suburban edge to find cheaper building sites, may also have to rethink their strategy.
"We're already seeing some impact" of the higher commuting costs, said Ted Wilson of Dallas-based housing analyst Residential Strategies Inc.
"I talk to builders in the outer ring locations who've seen a significant drop in their traffic," he said.
"When you combine the longer commute times with the higher gasoline prices, you will see a lot more interest in closer-in locations," Mr. Wilson said.
Homebuyers may opt to trade the higher purchase price of a close-in home for the lower monthly gasoline expense and still save on time spent in the car each day.
Major homebuilders are voicing concerns about the impact the record gasoline costs will have on their inventories.
At a recent conference with analysts, an executive with Dallas-based Centex Corp. said that close-in homes are more valuable now than far-flung unsold homes owned by the builder.
"In this market with $3.50 gas, if you're sitting on standing inventory in fringe areas, that's probably more problematic than if you're sitting on inventory in in-fill areas," Centex senior vice president Larry Angelilli said.
Even homebuyers who don't opt for a house near their job may choose to move to save on monthly energy costs.
Dallas accounting executive Harold Gaar and his wife, Marilee, are trading their North Dallas house for a close-in townhome that's about half the size.
"Our kids are grown," said Mr. Gaar, a former executive with The Dallas Morning News. "Do we need a 3,900-square-foot home anymore?
"Once you get rid of the emotional issues, the answer is no," he said. "And I believe that energy costs are going to continue to go up."
The Gaars worked with Dallas-based David Griffin Realtors to find their new Cole Avenue townhouse.
After the move, Mr. Gaar will still have to commute to his job on LBJ Freeway. But he expects the couple will do more walking in their new neighborhood near Knox Street.
"I have a car that's larger, and I'm going to sell it," he said. "I've ordered a Mini Cooper.
"It's the wave of the future if you believe what we are seeing in energy prices is not a spike but a long-term trend," he said. "We will start looking at housing differently."
Source: Steve Brown
The Dallas Morning News
Reprinted with permission
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