Wednesday, October 22, 2014

Owners of key North Dallas corner eye redevelopment

The family that has owned a strategic North Dallas property for more than a century wants to redevelop the site.
The Daniels family hopes to tear down the 40-year-old rental homes on the northwest corner of Inwood Road and Forest Lane. The old townhomes would be replaced by new apartments, neighborhood retail space and sports fields for Jesuit College Preparatory School of Dallas.
“We see it as a redevelopment opportunity that would be a betterment for the community and provide amenities for the neighborhood,” said William Dahlstrom of Jackson Walker LLP, who is representing the owners. “We want to do a legacy-type property that would last forever.”
The 30-acre property is now occupied by more than 200 townhomes and parking lots.
The owners are working with apartment builder Greystar, retail real estate firm Regency Centers and next-door neighbor Jesuit Prep School on the plans.
“We’ve owned the property since 1849,” said John Daniel.
In 1972, the land was zoned for construction of Forestwood Townhomes, which have occupied the corner since. The property is about a block off the Dallas North Tollway and just south of LBJ Freeway.
Laird Sparks of Greystar said the plan is to build “townhome-type residences.”
“The finish level would be very high — all the stuff you’d expect in custom high-end homes,” he said. “We want a residential feel.”
A portion of the property on the corner would be used for a neighborhood retail center.
“It would be a more intimate retail environment” than nearby shopping centers on Inwood and Preston roads, said Matt Booth with Regency Centers. “We will work with a small-format grocer.”
The entire project would be a maximum of three floors, the developers say.
Dahlstrom said they’ve begun meeting with neighbors in the area and plan to seek an amendment to the zoning to allow the retail space.
“We are looking at a mixed-use community,” he said.
In 2007, Jesuit considered buying the entire property for a major expansion of its campus to the north. The Catholic boys school planned to lease development sites on the tract for new apartments and shopping.
But the project didn’t get off the ground before the recession hit.
Greystar is a major developer of apartments in the Dallas area, with projects underway in Uptown and elsewhere.
Regency Centers has shopping centers all over North Texas, including in North Dallas along Preston Road.