Monday, August 27, 2012

Groundbreaking apartments on Downtown Plano


Construction will start next week in Plano’s historic downtown on a high-density retail and apartment complex.
The project — being built by Tennessee-based Southern Land Co. — will have about 280 apartments and is just south of the DART light rail station on 15th Street. The property was previously occupied by the Eisenbergs Skatepark, which has been demolished.
“It is a project in historic downtown Plano we have been working on for several years,” Southern Land president Brian Sewell said Tuesday. “We’ve been working very closely with the city of Plano to get this project going.”
The five-story project will stretch along the rail line and I Avenue.
The first tenants should be moving into the building late next year.
“We think it will lease up very quickly,” said Southern Land chief financial officer Ken Howell. “We think it will be a home run for our portfolio.”
Howell said nearby apartment buildings are almost full.
“They have been at 96 percent to 98 percent occupancy,” he said.
Southern Land’s apartment and retail building is the latest effort to revitalize Plano’s old downtown on the east side of State Highway 75.
Since the light rail line opened a decade ago, developers have constructed apartments, townhomes and retail space near the 15th Street station.

By STEVE BROWN

Real Estate Editor

Dallas Morning News