Tuesday, October 26, 2010

Wood Partners plans apartments on busy East Dallas corner

By STEVE BROWN / The Dallas Morning News

East Dallas' busy Henderson Avenue will soon have even more traffic – from construction trucks. Apartment developer Wood Partners is buying one of the last large vacant tracts along Henderson east of North Central Expressway.
The 2.5-acre property at Henderson and Belmont has been empty since old apartments were knocked down more than four years ago.
"We're planning on building 106 units, with a construction start in mid-January," said Wood Partners' Dallas director Todd McCulloch.
Wood Partners' three-story project will join two other new rental complexes along Belmont that are owned by UDR Inc. and Phoenix Property Co.
Henderson has become one of the most popular central Dallas entertainment districts with the construction of multiple restaurants and watering holes along the old residential street.
Wood Partners' development site was already zoned by developers who had planned townhouses and then rental units on the tract.
Broker Newt Walker has been marketing the property. "This will be the fourth time I have sold that corner," he said.
Wood Partners has built several rental complexes in central Dallas, including the Glass House high-rise in Uptown and the Alta Design District and Alta 1900 Lofts apartments in the Dallas Design District.