TDI Kicks Off Luxury M-F Development in Richardson; Renovated Lincoln Plaza Renamed Ross Tower
- Sep 20, 2013
TDI Real Estate, a leader in the development of Class A multi-family housing, has broken ground on Jefferson Center, a 360-unit luxury apartment community in the fast-growing Richardson market, north of Dallas.
Behringer Harvard Multifamily REIT I Inc. provided mezzanine financing, according to company statements, and Catlyn Capital Corp. provided equity. Senior financing for construction of the property will be provided by Texas Capital Bancshares Inc.
“We are pleased that this transaction represents our third development project with TDI,” said Mark Alfieri, president & COO of Behringer Harvard Multifamily REIT I Inc. “Market fundamentals are robust in the Dallas-Fort Worth Metroplex, and this community will address a growing demand for luxury apartments fueled by the expansion of professional employment options in the Richardson submarket and other areas north of Dallas.”
To be located on a 30-acre tract near the intersection of President George Bush Turnpike and Custer Parkway and less than a mile northeast of the University of Texas at Dallas, the luxury complex is expected to be complete by the end of 2014.
Jefferson Center will offer a mix of one-, two- and three-bedroom units ranging from 650 to more than 1,500 square feet. The apartment homes will feature granite countertops, designer appliances, nine-foot ceilings, garages and full-size washers and dryers. Common amenities include a resort-style pool, grilling and cabana areas, a coffee bar and a state-of-the-art fitness center.
In commercial news, The Lionstone Group announced that Dallas’ Lincoln Plaza (pictured at right) would be renamed Ross Tower to better reflect its prime downtown location at the corner of Ross Avenue and Akard Street. The developers recently completed a $25 million overhaul of the property, which resulted in improved tenant services.
Additionally, the ownership is redeveloping neighboring 411 N. Akard to provide more parking for Ross Tower tenants.
In an effort to reposition the 45-story high-rise, Ross Tower’s state pension fund owner selected the Lionstone Group in October 2012 to serve as investment advisor for the property. The Lionstone Group tapped PegasusAblon to provide agency leasing and lead new improvements, along with Transwestern Property Co. to handle property management for both Ross Tower and the newly acquired 411 Akard building.
Photo credits: The Lionstone Group via PRNewswire