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Thursday, December 01, 2016
Dallas' Lower Greenville Will Get First Major Development In More Than a Decade
The only large development site in Dallas' popular Lower Greenville district has a new owner.
And developer Trammell Crow Residential isn't wasting any time moving ahead with construction plans.
The more than eight acre vacant property at Greenville Avenue and Belmont was previously the site of the Vickery Towers retirement community. Built in 1964 as a luxury apartment community, Victory Towers had almost 400 rental units in four 5-story buildings.
Seattle-based investment company Columbia Pacific Advisors tore down the old multifamily buildings and planned to construct an apartment community.
But Dallas-based apartment builder Trammell Crow Residential has purchased the high-profile development site and is getting ready for a ground breaking.
"We are adhering to the same building footprint and height as the previous owner but altering the architecture to fit more with the neighborhood," said Crow Residential's Steve Bancroft. "No zoning change, no retail, all parking subgrade.
"We should start construction in December or January."
Bancroft said the project will include about 475 apartments.
The new rental community will be the largest such project built in the Lower Greenville neighborhood in more than a decade.
The City of Dallas is just completing a major streetscrape upgrade along Lower Greenville that includes new paving, landscaping and sidewalks.
Acorss the street from the Vickery Towers site, the vacant former Wal-Mart store is the largest available retail space in that area of East Dallas.
Trammell Crow Residential is Dallas' busiest apartment builder with multiple projects in close in locations.