Friday, June 12, 2015

Apartment towers to rise this summer at Dallas’ Victory Park

Developers plan to break ground this summer on a two-tower residential project at Dallas’ Victory Park.
The Ascent apartment high-rises will have more than 300 luxury rental units just east of American Airlines Center.
Developer Greystar is building the project. Dallas architect Good Fulton & Farrell designed it with a brick and glass exterior.
“We are trying to do something a little different, with a more traditional Texas feel,” said Greystar managing director Laird Sparks. “We should start construction in August.”
The 21-story and 23-story apartment towers will each have a rooftop deck and fitness center with views of Uptown, downtown and the Trinity River corridor.
“We’ll have a pool like the Joule Hotel downtown where part of it hangs off the building,” Sparks said.
Greystar is one of a handful of apartment developers looking at new projects at Victory Park — the 75-acre development on the northwestern edge of downtown.
“We started looking for the best location for a high-rise and found this tract of land,” Sparks said. “I fell in love with what’s happening at Victory.
“The projection is that the daytime population there is going to double or triple.”
Greystar’s Victory Park project will have about 3,500 square feet of retail space on Houston Street. Apartments will average 975 square feet and rent for an average of $2,850, he said.
Greystar is one of the largest apartment operators and owners in North Texas. The South Carolina-based company is building the Elan City Lights apartments just east of downtown Dallas on Live Oak Street.
“In D-FW since 2010, we’ve developed about 4,000 units,” Sparks said.
Greystar also has apartment towers under construction in Boston, Charlotte, N.C., on the West Coast and in Washington, D.C.
“We manage 385,000 units and have 9,500 employees,” he said.
Along with Greystar’s planned project, Houston-based builder Camden Property Trust is building 423 apartments at Victory Park. Other high-rise buildings are planned nearby by Novare Group and Lennar Multifamily.
Apartment consultant Greg Willett said he’s not surprised by the size of Greystar’s project.
“You want this project to be a statement,” said Willett, vice president of Carrollton-based MPF Research. “You have to go big in that setting.
“The people who are doing these types of project know what they are doing.”
With more than 34,000 apartments under construction, Dallas-Fort Worth is the busiest apartment-building market in the country.
“Our Victory Park project is the kind of investment we are looking at as a long-term hold,” Sparks said. “We are doing several projects like this around the country.”  
Steve Brown/Dallas Morning News