Saturday, May 10, 2008

Developers plan apartment projects near Dallas Farmers Market

Developers are sizing up two key tracts near the Dallas Farmers Market, planning to construct hundreds of apartments.
California-based Legacy Partners has contracted to purchase about seven acres at Central Expressway and Interstate 30.
"We are going to build 460 apartment units," said Spencer Stuart, who heads Legacy Partners' Dallas regional office. "We think that is a real up-and-coming area."
It would be the largest development in that area since Houston-based Camden Property Trust built its Farmers Market rental community in 1999. The project was expanded in 2004.
Apartment builder Trammell Crow Residential is negotiating to purchase a four-acre tract on Pearl Street for more apartments.
Crow Residential officials said it was too early to talk about plans for the vacant property, which is just north of the Farmers Market sheds.
The city of Dallas is investing in the future of the historic produce market, having committed about $10 million toward improvements in the complex, which dates to the 1940s.
The addition of hundreds more residents to the area should add to customer traffic at the market, which has been lagging in recent years.
Property in the area has been selling for between $30 and $40 per square foot.
"We looked at land one mile away at more than $100," Mr. Stuart said.
Legacy Partners – which is finishing up a large apartment community in Richardson's Telecom Corridor – is planning an urban-style rental complex on the Farmers Market site that will be aimed at younger renters.
"This is going to be ... a lot different than anything down there," Mr. Stuart said.
By STEVE BROWN / The Dallas Morning News