Tuesday, July 08, 2014
Trammell Crow Residential planning large West Dallas apartment community
Developer Trammell Crow Residential is buying a key West Dallas property with plans to build a large apartment community.
Crow Residential has contracted to purchase the derelict Mission Motel – a kitschy roadside inn on West Commerce Street near downtown Dallas.
The vacant hotel property is between the new Sylvan Thirty apartment and retail complex and Wood Partners apartment project that are already under construction on West Commerce.
Crow Residential is buying the old motel and adjoining property for an apartment project that will contain more than 300 rental units and about 14,000 square feet of retail space.
“We are big believers in that market and think that it will only get better over time,” said Crow Residential senior managing director Steve Bancroft.
Crow Residential just opened its first apartment development on that side of the river on Greenbriar Lane near Methodist Dallas Medical Center.
The 167-unit project, which has views of downtown Dallas, “has done better than we forecast,” Bancroft said. “We have leased more than 30 units a month.”
The developer is also building a large apartment block on Ross Avenue east of downtown, which will open in November. And Crow Residential has finished the first of two rental communities in Oak Lawn near Maple Avenue.
“Each one of our deals has gotten well above what we expected in rental rates,” Bancroft said.
Crow Residential’s planned Commerce Street development is one of several apartment projects in the works for that neighborhood.
Along with the Sylvan Thirty and Wood Partners projects, Henry S. Miller Co. is working on another rental community near the Belmont Hotel.
And developers Robert Shaw and Roger Staubach have announced plans for hundreds of apartments to be built in the Trinity Groves development on Singleton Boulevard.
The old Mission Motel – which has been closed for years and dates to at least the 1940s – is one of the last old roadside accommodations that once lined West Commerce and Fort Worth Avenue, west of downtown.
The most significant and best known of these motels was the Alamo Plaza Hotel Courts which were torn down in 2010 to make way for the Sylvan Thirty project.
The larger Belmont Hotel at Fort Worth AVenue and Sylvan has been restored to a boutique hotel.
Steve Brown- Dallas News