Tuesday, July 24, 2012

Redevelopment Moves Ahead at Former Lovers Apartment Site

The Signature Pointe apartments on Lovers Lane were demolished last year after another developer’s plans were delayed and the 13-acre property was foreclosed on.

A northeast Dallas redevelopment that’s been in the works for more than five years is finally moving forward.
The site of the old Signature Pointe apartments on Lovers Lane just east of Greenville will soon be developed into two apartment communities and a small retail and office building.
Builders Carbon Landmark Development and Tradition Senior Living are splitting up the almost 13-acre development site at Lovers and Matilda Street.
“We are selling the eastern 4.2 acres to Carbon, and they are gong to build a very nice high-end multifamily development,” said Tradition CEO Jonathan Perlman. His company will keep the rest to develop as a senior living community.
Perlman said Carbo could break ground for its 336 unit project in the next 45 days. “And we would hope to be about 60 days behind them,” constructing a senior housing project with about 300 units, he said.
Perlman said the retail and commercial part of the project has been reduced to a small tract at the corner of Lovers and Matilda. The developers have filed development plans with the city and are working through some final changes. They’ve already received the zoning needed for the project.
Carbon is an experienced apartment builder that has done projects in Texas, Virginia, Colorado, Alabama and North Carolina. In the Dallas-Fort Worth area, the Richardson developer has built in Lewisville, Las Colinas and Richardson. Its Lovers Lane rental community will be at Amesbury Drive, about two blocks east of Central Market. Redevelopment of the Signature Pointe property has been a long time coming.
Developers lined up in 2006 to buy the old apartments, which were built in 1973. Builder Fairfield Residential acquired the block of rental units and proposed replacing it with a combination of apartments and retail space. But the development faced strong zoning opposition from nearby residents, and Fairfield was delayed in redesigns for the complex. By the time developers were ready to move ahead with the project, the recession and credit crunch derailed the deal. Lenders foreclosed on the vacant Signature Pointe apartments in 2009. Tradition bought the property in 2010.
Demolition of the vacant apartments finally began last year. A fire destroyed part of the complex while demolition was under way.

Story By: Steve Brown
Dallas Morning News
Published 7/17/2012