New Projects Planned: Housing in Uptown Dallas; Frisco Square Revival

By Camelia Bulea, Associate Editor Ohio-based Associated Estates Realty Corp. bought a 2.4-acre plot of land in Uptown Dallas from a private investor, with plans to construct an apartment building on the site. Initial plans called for a 22-story condo tower, [...]

Ohio-based Associated Estates Realty Corp. bought a 2.4-acre plot of land in Uptown Dallas from a private investor, with plans to construct an apartment building on the site. Initial plans called for a 22-story condo tower, but were canceled in 2007 due to the slowdown in the housing market and the recession, according to The Dallas Morning News.

The planned Cresta Bella condo project was to sell units for as much as $10 million, but plans were too bold for the real estate situation of that period. The current developer plans to construct a building of 250 to 300 apartment units, with the goal of creating a luxury rental community. Associated Estates now plans to go through with the approval process for the proposed design, which calls for a building with five to six stories. The groundbreaking is planned after the project gets city approvals.

Associates Estates owns a large residential portfolio, which includes nearly 14,000 apartment units throughout the Midwest, Mid-Atlantic and Southeast regions of the country, reports the Dallas Business Journal.

In other real estate news, the giant Frisco Square could be revived by two projects. According to Dallas Morning News, the master-planned development should have already been completed, but economic conditions hindered progress over the years. Still, the project’s representatives believe the development has come to the tipping point with the construction of some important projects: a two-building medical center as well as more offices and apartments.

The community’s Web site lists only one current project: Forest Park Medical Center, which will be built to LEED Silver specifications and feature amenities such as VIP patient rooms and a vegetated roof on the first floor of the hospital. The project includes a 130,000-square-foot hospital and a 90,000-square-foot medical office building with multi-tenant retail and restaurant space. Construction is expected to be completed in spring 2012.

The 145-acre project, designed to look like a European village, is located at the intersection of the Dallas North Tollway and Main Street.

Photo credits: www.friscosquare.com