Friday, September 19, 2014

Developer shopping Design District tract for new tower

The vacant property is at the north end of Hi Line Drive. (Steve Brown)
One of the few vacant development sites in Dallas’ Design District is in play.
The parking lot at the north end of Hi Line Drive is adjacent to the Trinity Strand Trail and Turtle Creek.
Several apartment developers have taken a run at the potential building site.
Property brokers say that Houston-based PM Realty is in talk to acquire the property for construction of a large apartment project.
Its just a few blocks from PM Realty’s 24-story 1400 Hi Line apartment tower, which leased ahead of schedule and at higher than expected rents.
Brokers say that PM Realty is considering another residential tower for the site it’s shopping at the other end of Hi Line.
The tract is adjacent to two other apartment communities plus popular restaurants.
The Design District and adjacent Trinity Industrial District are seeing widespread interest from builders and investors.
Trammell Crow Residential is planning a more than 300-unit apartment project on the banks of the Trinity River.
And investor and developer Dunhill Partners is in talks to buy more than a dozen Design District showroom, retail and office buildings.