Tuesday, February 08, 2011

JV COMMENCES $45 MILLION PROJECT NEAR SMU DALLAS

DALLAS (GlobeSt) – A newly formed joint venture between Prescott Realty Group, Northwestern Mutual and AREA Property Partners has broken ground on a mixed-use development near Southern Methodist University (SMU).

The $45 million project on the old Shamburger Lumberyard site consists of 417 apartments and 9,100 sf of retail. It is within walking distance of the DART Mockingbird rail station and a quarter mile from SMU’s campus.

This development is the final phase in the revitalization of the University Crossing neighborhood.

The first phase was construction of a garage on the 6060 North Central Expy. site adjacent to the DART line. The second phase was construction of the Shelby, a 55-loft project with 3,500 sf of retail located on SMU Blvd.

Humphreys & Partners designed the final phase, which consists of two levels of podium parking with street-facing retail plus three four-story buildings on top of the podium. A mix of one-, two- and three-bedroom units will be available with an average unit size of 800 sf.