Compatriot Capital, a subsidiary of Sammons Enterprises, and JLB Partners, both of Dallas, have begun construction on an 18-story, 299-unit luxury residential high-rise in the Uptown area of Dallas, the companies announced Wednesday. The project’s cost was not disclosed.
Construction staking, fencing and erosion control are under way, and excavation will begin next, a spokesperson for the developer told Commercial Property Executive. Completion is scheduled for spring 2015.
“This project fits perfectly into JLB’s and Compatriot’s strategy of building a portfolio of the highest quality assets to be held for the long term,” Compatriot president & CEO Paul Rowsey said in a press release.
The tower’s 2.3-acre site is at the intersection of Cedar Springs and Carlisle and has more than 250 feet of frontage along the Katy Trail. The trail is an approximately 3.5-mile jogging, walking, inline skating and bicycling path that runs through the Uptown and Oak Lawn areas of Dallas. It was developed on the right-of-way of the former Missouri-Kansas-Texas Railroad, known as MKT or the Katy.
“JLB worked closely with the Friends of Katy Trail to develop a prominent public access point to the Katy Trail, further increasing the accessibility of the trail to the surrounding community,” said Bay Miltenberger, CEO of JLB Partners, in the release.
The spokesperson said that direct access to the highly popular trail will be “a huge draw for residents.”
The high-rise will feature one-, two- and three-bedroom apartments ranging from 622 to 3,717 square feet. They will feature 10-foot-plus ceilings and high-end finishes such as granite counter tops, stainless-steel appliances, wood floors, high-speed wiring and large balconies.
The building’s amenities will include three levels of underground parking, a private penthouse lounge, a roof deck pool overlooking downtown Dallas, a private dog park and pet spa, and a wellness center with a “yoga lawn,” an outdoor yoga studio surfaced with artificial turf.
Pacific Life Insurance Co. will provide the development’s construction and permanent financing. The project architect is GDA Architects (Gromatzky Dupree and Associates), of Dallas.
The tower is beginning construction at a time when the Dallas market is experiencing a “dramatic uptick in inventory” in Class A multi-family space, yet vacancies are expected to remain stable, because of the metroplex’s strong employment growth, according to a third-quarter report from Marcus & Millichap.
The average vacancy rate in the Oak Lawn/Park Cities submarket is 5.8 percent, according to the report, and the average effective rent of $1,307 is far and away the highest in the metroplex.