Friday, January 27, 2017

Also: An apartment project is planned on Ross.

Builder calls site ‘kind of an emerging market with right dynamics’

The developer that’s building Lake Highlands Town Center has another project in the works, this one in East Dallas.

Cypress Real Estate Advisors is building a shopping center and apartments at Lake Highlands Town Center on Skillman Street.

Now the developer is working on an apartment community on Ross Avenue just east of downtown Dallas.

The apartments are planned on the current site of the Credit Union of Texas building at Ross and Annex Street.

“I have been looking for a new site in Dallas — kind of an emerging market with the right dynamics,” said Cypress Real Estate’s Bill Rafkin. “Well, Ross Avenue is it.

“It’s a good connector between Lower Greenville and East Dallas and Uptown and the central business district.”

Cypress Real Estate plans to demolish most of the block.

“We are hoping to do plus or minus 300 units,” Rafkin said. “We will have a garage with the apartments wrapping around.

“It will have an urban feel to it.”

Rafkin said construction on the project is projected to start later this year or in early 2018. The builder is seeking approval from City Hall for the construction.

The Ross Avenue corridor is one of Dallas’ fastest-growing apartment markets, with more than 1,000 new rental units on the way.

The surrounding area is also seeing widespread townhouse construction.

Cypress Real Estate restarted construction on Lake Highlands Town Center last year after work on the northeast Dallas project stalled.

Steve Brown/The Dallas Morning News