Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Monday, October 20, 2014
Owners of key North Dallas corner plan new apartments, Jesuit sports fields
The family that owns the 30-acre property is working on plans for a townhome apartment and retail project. (Regency Centers)
The family that’s owned a strategic North Dallas property for more than a century wants to redevelop the site.
The Daniel family hopes to tear down the 40-year-old rental homes on the northwest corner of Inwood and Forest Lane. The old townhomes would be replaced by new apartments, some 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 with 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 townhouses and surface 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 redevelopment plans.
The townhouse apartments on the property were built in the early 1970s. (Google)
“We’ve owned the property since 1849,” said John Daniel. “Frances Sims Daniel came in a wagon from Tennessee.
“She bought a section of land that the center of was very close to Airline and Daniel street near SMU,” he said. “They bought other property and this was once a farm.”
In 1972, the land was zoned for construction of the Forestwood Townhomes which have occupied the corner since then.
The property is about a block off the Dallas North Tollway and just south of LBJ Freeway.
Laird Sparks with 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.
Back in 2007 Jesuit looked at 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 never got off the ground and soon after the recession hit.
Greystar is already 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.