Monday, July 09, 2012

Construction starts on Uptown apartment community


By: Steve Brown The Dallas Morning News
Developer Robert Shaw kicked off the Uptown apartment building boom in the early 1990s with his first project near McKinney Avenue.
But in recent years, Shaw has been busy building apartments in northern suburbs, including Plano and Frisco.
Shaw has returned to the central city with his newest project.
The developer has broken ground for a 347-unit rental complex at Sale Street and Cedar Springs Road, up the hill from Turtle Creek.
“We are moving full speed ahead,” Shaw said Monday, standing on the development site as construction equipment rumbled across the block.
The tract has been vacant since the 1980s, when builders knocked down offices on the property to make way for a 30-story office tower complex.
But a real estate bust killed those plans.
Later, the property was eyed for a Ritz-Carlton hotel, but that deal fell through, too.
Since then, the property has been idle. It’s owned by investor General Electric Pension Trust.
Shaw’s Columbus Realty Partners is teaming up with GE to build two buildings.