Tuesday, May 22, 2007

Mixed Use Development - Love Field Area

After more than a year of planning, a Denver-based developer has broken ground on a mixed-use development near the north end of Dallas' Love Field.
Archstone-Smith's Shops at Bluffview complex will contain three stories of apartments built on top of retail space. The project is on Northwest Highway just east of Lemmon Avenue.
Archstone-Smith bought the shopping center, known as the Plaza on Bachman Creek, in 2004.

Archstone-Smith Archstone-Smith's The Shops at Bluffview complex will contain apartments built on top of retail space.
The more than $30 million project now under way will include 181 loft apartments and 205,000 square feet of new retail space in a town-square-style complex overlooking Bachman Creek.
The new buildings will adjoin the existing Embassy Suites Hotel and two office towers.
"It's been a tough deal to wrestle to the ground – real complicated," said Tom Scaling, vice president of Archstone-Smith.
"But we finally have the dirt flying and the old buildings coming down," he said.

The first apartments should be ready for renters in early 2008, he said.
Some retail and office space on the ground floor might be finished before then.
"We haven't really set our apartment rents yet, but we are trying to stay beneath what they are in Uptown," Mr. Scaling said.
About 25,000 square feet of the existing shopping center will be demolished to make way for the new construction.
After opening in 1986, the Plaza on Bachman Creek was successful for a time but later suffered declining occupancy.
The developers hope to rent the new space to local shops, restaurants and boutiques.
"We plan on retaining some of the existing tenants," Mr. Scaling said. "With Bachman Creek running along the south side of our property, we feel we have an added amenity that not many developers can offer their tenants."
Archstone-Smith is one of the country's largest apartment developers and investors, with properties in major cities including Washington, Seattle and Boston.
It also has properties in Southern California, the San Francisco Bay Area and the New York metropolitan area.
The company owns more than 86,000 rental units.

By Steve Brown Dallas Morning News