Dallas—Within a few months of opening, the Shelby, a residential/retail development close to the Southern Methodist University (SMU) campus in Dallas, is 85 percent leased at above average market rents.
“We have a lot of young professionals and students coming to this property,” Taylor Stone, managing director at Prescott Realty Group, tells MHN. “The fact that is close to the light rail and SMU, has meant that demand for this project has been really good. We increased rents here based on the response we got. We’ve reduced concessions as well.” The average price per square foot in this sub-market is 1.45 but the Shelby is fetching 1.70.
Developed by Dallas-based Prescott Realty Group, the Shelby is located in the University Crossing neighborhood between Central Expressway and Greenville Avenue and bordered by Mockingbird Lane and Lovers Lane.
It features 55 units situated directly above ground-floor retail. Residents also are in easy walking distance of the shops, restaurants and retail along Greenville Avenue and Mockingbird Lane, including the new George W. Bush Presidential Center at SMU.
A Transit Oriented Development, the Shelby is near the Dallas Area Rapid Transit’s Mockingbird Station rail stop, and a short distance from shopping and restaurants at NorthPark Center, Uptown and downtown. “Areas around the light rail system have done better than other areas of Dallas in the recession,” says Stone.
“The one- and two-bedroom floor plans have a sophisticated finish-out rivaling many of the new, upscale condominiums and town homes in Dallas,” says Stone. “The Shelby will be a great addition to the University Crossing area, bringing both new homes and retail to the SMU neighborhood.’’
Prescott Realty Group chose Twisted Root from several retailers vying for the location because of the restaurant’s loyal following and its reputation for serving up top-quality burgers.
Prescott Realty Group has developed several mixed-use projects in Dallas, including the 70-acre, 2 million-square-foot Lake Highlands Town Center, Dallas’ largest transit-oriented development, at the intersection of Skillman Street and Walnut Hill Lane.