Thursday, August 04, 2005

Downtown & Uptown Real Estate News

Uptown center's lot sold
Quadrangle parking area destined to be apartments or condos

DALLAS ( - A parking lot at the Quadrangle in Uptown is set to become apartments or condominiums.
Fairfield Residential, one of the companies building housing in the Victory project, has bought 2.5 acres of the Quadrangle complex.

Fairfield Residential bought the property at Vine and Howell streets from Champion Partners. The Dallas developer and investor has owned the Quadrangle since 2003. Terms were not disclosed.
With its location just a block off McKinney Avenue, the Quadrangle property is a likely candidate for mid-rise or high-rise apartments or condos.

"We are planning to do a residential development there," said Fairfield Residential's Barry Howard. "Right now, we are working to decide what is most appropriate for the neighborhood.

"We would not break ground before 2006," he said.

The developer will replace all of the parking now on the open lot.
Champion Partners founder Jeff Swope declined to discuss the sale but said his firm remains committed to the Quadrangle retail and office complex.

"We've put several million dollars into it, and we are continuing to try and improve the tenant base," he said.

Built in the 1960s, the Quadrangle was Dallas' first urban retail complex. It was redeveloped in 1986 with an office high-rise and remodeled retail buildings. That redevelopment also included a plan to turn the parking lot into a residential building.

Fairfield Residential is one of Uptown's busiest builders. The company built the 232-unit Bryson at City Place apartments near Lemmon and McKinney avenues.

At the Victory project just north of downtown, it's building the Terrace, a seven-story condominium building, and the 125-unit Vista apartments.

In the Addison Circle community on the Dallas North Tollway, Fairfield has gotten preliminary approval from Addison to build a seven-story, 140-condo building.

Image inset: BETSY BOCK/Staff Artist