Andrew T. Carnahan, president of locally based Foresite Development Co., says the 30-unit Alix at 4107 Bowser Ave. and 30-unit Nikko at 4411 Bowser Ave. will deplete his land bank in Oak Lawn, where's he's built nearly $60 million of residential product. He has one development under way in the neighborhood, the 45-unit Haven at 4040 Hall St., which will be delivering in early summer.
"Land prices in Oak Lawn have skyrocketed. We've done pretty good redeveloping Oak Lawn. East Dallas hasn't quite gone through the same re-gentrification," Carnahan tells GlobeSt.com. "The prices are a little more reasonable." He has a 40,000-sf vacant tract under contract along Live Oak Street near Bryan Place, where he's planning to build a five-story building with 64 units, keeping to his trademark design with the ground floor reserved for parking. If the plan stays on track, the Live Oak project will come on line in winter 2008.
For four years, Carnahan's business focus has been creating boutique flats, primarily targeting young professionals in design and pricing. The Alix and Nikko were designed by the Dallas-based firms of Mayse & Associates Inc. and WDG Architecture Inc. KWA Construction LP, also from Dallas, is the general contractor for both developments. The projects, each estimated at $6 million, will deliver in first quarter 2008 on 24,000-sf tracts that once held the 1960s-era second and third phases of the Manhattan Apartments.
With 105 units on the docket for Oak Lawn, Carnahan says he downsized the Alix and Nikko so they would not be so competitive with the Haven, where units go from 1,000 sf to 1,600 sf and prices are $190,000 to $300,000. The upcoming projects will have units ranging from 1,000 sf to 1,350 sf and sale tags of $180,000 to $270,000. "There are more people in the $200,000 price range than $300,000 to $500,000," Carnahan says of the shift in pricing too.
Carnahan's scouting missions for new neighborhoods have also led him to Oak Cliff and the Cedars areas in addition to East Dallas. "I'm always looking for more sites," he says. "I'm really stepping it up. My demand is really keeping up with the supply that I can put on the ground."