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Thursday, May 22, 2014
Roger Staubach, Robert Shaw team up on $100M Trinity Groves project
Dallas real estate developers Roger Staubach and Robert Shaw have joined forces with Phil Romano to build 1,000 apartments in Trinity Groves, which is expected to cost more than $100 million.
The A-list Dallasites are working through their companies -- Dallas-based Columbus Realty Partners and Dallas-based Trinity Groves LLC -- in a 50-50 structured joint venture deal. The developers are working alongside the city of Dallas, which is offering support through its tax increment financing programs as part of Mayor Mike Rawlings' GrowSouth economic development initiative.
Columbus Realty Partners, and ultimately Staubach and Shaw, were picked by Trinity Groves after a "long beauty contest," for an apartment development partner for the restaurant-anchored mixed-use development, said Shaw, president of Columbus Realty Partners.
"Fortunately, we were picked and we're excited to be part of it," Shaw said at a press conference on Wednesday afternoon. "We've been fortunate to be involved at the ground level in the creation of a lot of very special places; places people love to be in that are walkable, mixed-use and cherished by the communities in which they are located."
Those developments include apartments and retail projects in Uptown, Legacy Town Center, Addison Circle and West 7th in Fort Worth, where the whole is greater than the parts of the project, said Shaw, who added the two had worked together since playing for the Dallas Cowboys.
Shaw said he was responsible for Staubach's longest loss in his National Football League career when he snapped the ball over Staubach's head, forcing the all-star quarterback to attempt to kick the ball down the field for a 40-yard loss.
The 1,000 apartments are expected to be located on acreage south of the Trinity Groves restaurants south of Singleton Boulevard on the other side of the Margaret Hunt Hill Bridge. Shaw says he expects to start on the project at the end of the year, or by early 2015 with 300 apartments.
The Trinity Groves apartment project is still taking shape, but the development would likely be four-stories of apartments over a street-level retail space, he said.
Staubach, who is an investor in Hofmann Hots -- one of the fairly new restaurants developed on Singleton Boulevard --, says he doesn't expect the influx of apartments in West Dallas to create a glut of real estate .
"I think this area is really going in the right direction and the residential is a big part of it, just like it was in Uptown," Staubach told the Dallas Business Journal."The apartments are needed and I know we'll do a good job building them and I hope the people will come."
About 20 percent of the apartments will be affordable apartments, which is about 80 percent of the area's median income. The remaining 80 percent of the apartments will be leased at market rates.
"These will be really nice units, but we wanted to keep the units affordable," Staubach told me. "We were able to work with Stuart (Fitts of Trinity Groves) and get some land costs that were very fair."
Columbus plans to design the project through the firm's in-house architecture department. JHP is the project's general contractor. The apartments are expected to reflect the Trinity Groves development in design and cater to millennials.
"There's nobody better than I'd like to do this with than two ex-Dallas Cowboys, Robert Shaw and Roger Staubach," said Mayor Mike Rawlings. "They saw Uptown before they saw Uptown was cool. They did it early on and we all know what Uptown is now."
Rawlings says he expects a similar development phenomenon to occur at Trinity Groves in West Dallas.
"So, let's just take this and push it out a few years and you can see ultimately what's going to happen," he said.