Wednesday, May 07, 2014

New apartments and houses are in the works for vacant blocks near Lemmon Avenue and the tollway

The vacant blocks are on the edge of Highland Park. 
Two builders have purchased more than four blocks near Lemmon Avenue and the Dallas North Tollway for construction of a large new residential community.
Apartment builder Lennar Multifamily Communities and David Weekley Homes bought the undeveloped land in the Oak Park community along Holland Avenue northeast of Lemmon.
The empty blocks were previously planned for a large apartment community and were cleared before the recession. They’ve been idle for several years.
Now Lennar has acquired more than 4 acres at Holland and Cedar Plaza Lane.
And Houston-based homebuilder Weekley has snapped up the rest of the property.
“We are building 248 units split between the two blocks,” said John Allums, who heads Lennar Multifamily’s Dallas office.
Weekley bought the rest of the vacant land on the edge of Highland Park for a new Oak Lawn subdivision.
“We have the remaining blocks and plan on building single-family detached homes,” said Weekely’s Ken McDonald. “We do not have the total count or product defined yet.”
The Oak Park property is one of the largest such development sites in Oak Lawn. The land was sold by an affiliate of Illinois-based Inland American Communities.
Last year, Inland sold the adjoining Cityville Oak Park Apartments to South Carolina-based Greystar Real Estate.
Florida-based builder Lennar Multifamily Communities has been expanding in the Dallas-area with several projects. The firm is currently building in East Dallas near Mockingbird Lane and in North Dallas near North Central Expressway in the Park Central development.