Dallas Mixed-Use Development Unveils First Apartment Phase
- May 18, 2012
Dallas—For anyone seeking evidence of a strong market for pedestrian-friendly, urban lifestyles in Dallas, ample proof is provided by the BLVD (pronounced “Boulevard“), a new mixed-use development rising in an area of the city near Southern Methodist University (SMU) and Mockingbird Station.
According to Prescott Realty Group, which is developing the project along with AREA Property Partners and Northwestern Mutual, the development was 50 percent pre-leased by the May 1st opening of its first phase to renters.
When completed, the BLVD will offer 417 one-, two- and three-bedroom apartment homes, above 9,100 square feet of retail space occupied by three restaurants: Nodding Donkey, Torchy’s Tacos and World of Beer.
The BLVD began construction on Christmas Eve, 2010, and will be complete on August 1 of this year. Timing played a major part in its success. “We started construction just as the cycle was starting to pick up,” Taylor Stone, managing director, multifamily with Prescott Realty Group, tells MHN. “We felt it was the right time to move ahead, before others started getting into the market.”
The BLVD represents the fourth phase in an effort by Prescott Realty Group to redevelop the enclave into a vibrant new urban neighborhood in Big D. It is convenient to SMU, the Katy Trail, a broad array of area shopping, dining and entertainment settings, and perhaps most important, to Mockingbird Station, with its access to the Dallas Area Rapid Transit (DART) light rail.
“The Mockingbird station is where two DART lines come together and form the backbone line,” Taylor explains. “DART can take you to downtown Dallas, Plano and throughout the Metroplex.”
Residents of the BLVD will find the development filled with environmentally friendly features. In their units, they will enjoy Energy Star appliances and windows, and green label carpet. Outside, the development will benefit from a rainwater harvesting system and will feature an electric car charging station.
The BLVD is situated on a former brownfield site on which the venerable old Shamburger Lumber Co. once stood.
That site was remediated by means of a cooperative effort involving the property’s developers, the cities of Dallas and University Park and the State of Texas. The BLVD is part of the first-ever transit-oriented development (TOD) tax increment financing (TIF) District, which was approved by Dallas in 2008, and focused on multi-station TODs. Participating in this groundbreaking initiative were the City of Dallas staff and City Council, DART, SMU, Prescott Realty Group, and a number of other Lancaster Corridor stakeholders, among them Veteran’s Hospital and The Urban League.
“The fact you can walk from BLVD to the DART light rail, the Katy Trail, surrounding retail and entertainment will allow residents to experience a true live-work-play environment, without having to rely on their cars,” Stone says.
“[The BLVD is] really serving as the foundation piece in the redevelopment of this area, to make it a more pedestrian-friendly place to be.”