Multifamily boom



The multifamily market continues to thrive in Uptown, bringing the live-work-play full circle with a record number of apartment buildings planned or under construction and rents on the rise. 

In a stark contrast to the decades-long mass exodus of residents to the suburbs north of Dallas, Uptown has lured throngs of people back to the urban core. Baby boomers, millennials, and everyone in between are finding homes in Uptown, with more than 20 projects underway, according to data from Axiometrics. More than 3,000 new units were delivered in 2014. 

Uptown also has the highest rents in North Texas—$1,622 per month, on average. Renters are drawn to the submarket for its trendiness, convenience to major highways, proximity to the central business district, and amenities like Klyde Warren Park, the Arts District, and myriad dining and entertainment venues. 

Even more projects will be underway soon, and a slew of developers have jumped into the multifamily game in Uptown to build some of the most innovative, attractive, and expensive apartment buildings around. In September, Trammell Crow’s High Street Residential subsidiary an-
nounced a 20-story, 271-unit Class A residential tower at 3230 McKinney Ave. called M Line Tower. 

The new building will include 13,000 square feet of ground-level retail anchored by a new Café Express (a 5,500-square-foot Café Express restaurant currently stands on the site). The building also will be home to the McKinney Avenue Transit Authority, and the entire southwest corner of the ground floor will be dedicated to its offices and museum, plus a new trolley barn. 

One Uptown, a project on the horizon for Stoneleigh Cos.’ Waterford Residential subsidiary, will soon bring 198 units to 2500 McKinney Ave. The all-glass building will include 18,500 square feet of retail space, plus a 550-space parking structure. Rick Cavenaugh, president of Stoneleigh Cos., says that Waterford has had the piece of land at McKinney Avenue and Routh Street under contract for nearly two years. It acquired the site about 18 months ago, and went through rezoning efforts with the City of Dallas to maximize both density and intensity of usage at the site.    

“When we identified this site, which was the old Hard Rock Café, we recognized that we had the premium location in Uptown at the corner of McKinney and Routh,” Cavenaugh says. “You have, across the street, the Whole Foods project that’s now under construction, and we have what is arguably one of the busiest corners that is pedestrian-friendly.”

One Uptown also will be home to two restaurants—a Fogo de Chão location, and a new-to-Dallas restaurant called Style & Grace. 

The impact of the project’s unique design on the Dallas skyline was carefully considered, Cavenaugh says. “From any view that you’d have in the city, you’re looking at a building that moves from every direction that you look at it,” he says. “As you do that, the experience of seeing the building and how it sits in landscape is going to be a lot more vibrant than some of the other brick, balconied, tongue-depressor-type buildings that are there.”

On the for-purchase front, Harwood Inter-national is developing its second condo tower in Uptown. Bleu Ciel follows the developer’s successful Azure, a 31-story project that opened in 2007. At 33-stories, the teardrop-shaped Bleu Ciel will offer 158 units and open in the winter of 2016.

 

HIGH-RISE HOTBED

Here’s a look at some of the new apartment and condo projects underway in Uptown, and the key players involved.

Bleu Ciel
3008 N. Harwood St.

Developer: Harwood International
Architect: Jean-Michel Wilmotte
Architect of Record & Interior Designer: HDF LLC 
Landscape Architect: Sadafumi Uchiyama
Spa Group: Be a Dragonfly
Bleu Ciel will feature two junior Olympic pools—one shallow, one for laps and swimming—in its fitness club. There will be onsite dining, a market, and a private underground parking garage. 


Camden Victory Park
2787 Houston St.

Developer: Camden Development
Architect: Wallace Garcia Wilson Architects
Interior Design: MLB Design
Landscape Architect: BURY
General Contractor: Camden Builders Inc.
Engineers: SCA Consulting Engineers 

The four-story, 423-unit apartment building will open in the summer of 2015 and will cater to tenants with pets with its “bark park” and “paw spa.”. BURY’s Jim Knight, executive vice president, said Camden gets credit for identifying the site three years ago. “They recognized an opportunity way before the market turned around,” he says.


Gables McKinney Avenue
2500 McKinney Ave.

Developer: Gables Residential
Architects: WDG Architecture Dallas and Architexas 
Interior Design: SJL Interiors 
Landscape Architect: Studio Outside 
General Contractor: Gables Residential
Engineers: Kimley-Horn, Jordan & Skala

The eight-story, 239-unit apartment and townhome building will open spring 2015. Its units (222 apartments, 17 townhomes) will sit atop a brand new and highly anticipated Whole Foods Market. 


Gables Uptown Trail
2525 Carlisle St.

Developer: Gables Residential
Architect: Humphreys & Partners
Interior Design: SJL Design
Landscape Architect: Kevin Sloan Studio
General Contractor: Gables Construction
Engineers: Viewtech, Jordan & Skala, Halff Associates

The seven-story, 335-unit condominium mid-rise is now leasing. Units feature quartz counters and built-ins, while outdoor amenities include a bike room, fitness center, and business center.   


M-Line Tower
3230 McKinney Ave. 

Developer: High Street Residential
Architect: Good Fulton Farrell

The 20-story, 271-unit apartment building’s opening date has not yet been announced, but once the project gets the go-ahead from city planners, construction could start in 2015. It’ll include a new Café Express, among other tenants occupying 13,000 square feet of ground-level retail.


Moda 
1855 Payne St.

Developer: Alamo Manhattan
Architect: Hensley, Lamkin, Rachel Inc.
Interior Design: Moore Design Group
Landscape Architect: Studio Outside
General Contractor: Hunt Building Co.
Engineers: Viewtech, Spiars 

Moda’s location just blocks from the American Airlines Center puts its residents in the heart of Victory Park’s action, and the amenities don’t disappoint, either. The rooftop terrace provides uncontested views of the city, which you can also see from the infinity-edge pool. The six-story, 263-unit apartment building is now leasing. 


Monaco on Katy Trail
3003 Carlisle St. 

Developer: Alamo Manhattan
Architect: Hensley, Lamkin, Rachel Inc.
Interior Design: Moore Design Group
Landscape Architect: Studio Outside
General Contractor: Andres Construction
Engineers: Viewtech, Spiars, Jordan & Skala

The six-story, 192-unit apartment building is now leasing. Accessible from the building’s pool area, the boardwalk connects a veranda right to the Katy Trail.  


One Uptown
2500 McKinney Ave.

Developer: Stoneleigh Cos. LLC, Cheng Investments
Interior Design: HPA Design, Toledo Geller Interior Design, TAI Architecture & Design, ID 810
Landscape Architect: T. H. Pritchett / Associates
General Contractor: Hunt Construction Group
Engineers: Viewtech, Sowlat Engineering, Henderson Engineers Inc., Curtainwall Design Consulting

The 20-story, 198-unit condominium tower is slated to open late spring 2016. Units in the parallelogram-shaped building will feature floor-to-ceiling glass, offering expansive views of the downtown Dallas skyline. 


Routh Street Flats
Routh Street, between Cedar Springs Road and Carlisle Street 

Developer: Alamo Manhattan
Architect: Hensley, Lamkin, Rachel Inc.
Interior Design: SJL Design
Landscape Architect: Studio Outside
General Contractor: Andres Construction
Engineer: Viewtech

Not much has been revealed about this project’s specifics, but it does plan for a “resort-style” saltwater pool and a 2,600-square-foot rooftop terrace. The six-story, 263-unit apartment building is slated to open in the summer of 2015.

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