Friday, February 20, 2015

Dallas developer eyes Oak Lawn apartment project

Steve Brown
The property Mill Creek Residential Trust is looking at is on Cedar Springs Road just south of Oak Lawn Avenue.
A busy Dallas apartment builder has zeroed in on a choice Oak Lawn development site.
Mill Creek Residential Trust is negotiating to buy a vacant half block near the intersection of Oak Lawn Avenue and Cedar Springs Road for a new rental community, according to filings with the City of Dallas.
The more than one-acre site is next door to the Oak Lawn United Methodist Church, which owns the tract and uses part of it for parking. The development site has been for sale for several months, with HFF marketing the property.
The same property previously attracted the attention of Atlanta-based Novare Group which wanted to do a more than 20-story tower.
But the property has height restrictions due to Love Field.
Mill Creek has several Dallas-area apartment communities. The builder recently finished projects in Dallas’ Victory Park and just east of Highland Park near Knox Street.
Mill Creek is also building a 179-unit apartment community on North Central Expressway near Fitzhugh Avenue.
HFF
HFF has been marketing the property for sale.

Steve Brown, The Dallas Morning News