Tuesday, January 29, 2013

Developers buy Las Colinas property with plans for apartments, townhomes on DART’s Orange Line


One of the largest development sites in Las Colinas along the new DART light rail line has been purchased by a Chicago apartment builder.
Amli Residential bought the almost 9-acre tract on Lake Carolyn Parkway from Park Cities Bank.
The vacant property also fronts Riverside Drive and is near DART’s Las Colinas Urban Center Station.
Park Cities Bank foreclosed on 16.8 acres at that location last year when a development partnership defaulted on more than $6.7 million in debts.
The property had been planned for a high-rise development.
Broker Bobby Stewart of CSE Commercial Real Estate said Amli had the land under contract for a long time and went through rezoning.
“By the time the apartment market cranked up and everybody was looking for multifamily sites, Amli already had it,” Stewart said.
The developer plans to build 479 apartments on the property at Lake Carolyn and California Crossing.
At the other end of the big block, builder In Town Homes will construct a townhouse community on about 7 acres at Colorado Drive.
“They will be bringing the first brownstone townhome project to the Urban Center,” Stewart said.
In Town Homes is already building a two-block home community in downtown Dallas near the Farmers Market.
Amli Residential is one of the country’s largest apartment developers and owners, with more than a dozen rental communities in North Texas.
The developer is building a 330-unit Las Colinas apartment project at 6401 Escena Blvd., and it owns the Amli Las Colinas apartments on Lake Carolyn Parkway, northwest of the new land purchase.
Almost 1,200 apartments are under construction in Las Colinas, most of them in the Urban Center near DART’s new Orange Line, which opens at the end of the month.
The completion of the light-rail line from downtown Dallas to Las Colinas and the continuing extension to Dallas/Fort Worth International Airport is expected to further boost building along the railway.
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