Developers Add 576 New Apartment Units to DFW Area
- Jul 24, 2012
It appears that the Dallas – Fort Worth area is hungry for new apartments, as two new multifamily projects will add to the local housing stock: a 258-unit project in Downtown Dallas and a 318-unit apartment community in North Fort Worth.
The Dallas residential project is a redevelopment of the Petroleum Tower at 1907 Elm St. and Corrigan Tower at 1900 Pacific Ave. into a single complex, according to the Dallas Business Journal. The two redeveloped buildings will offer 258 residential units and total about 350,000 square feet. Development costs are estimated at $45 million, with $10.3 million in tax increment funding pending approval by the city council.
PetroCorrigan Towers LP, the project’s developer, plans to have demolition permits by January 2013. It also plans to have its certificate of occupancy by March 2015. Merriman Associates Architects Inc. will design the project.
The second multifamily project, called Overlook Ranch, will be developed by Dallas-based SWBC Real Estate LLC. The company has bought 18.5 acres of land near State Highway 170 and Interstate 35W in north Fort Worth, on which it plans to develop a 318-unit, Class A apartment community, as reported by the Dallas Business Journal.
Located in AllianceTexas, the 17,000-acre master-planned community, the parcel was acquired from Hillwood Properties, which plans to develop up to 3,000 multi-family units. Currently, 550 units are completed or under construction. Hillwood plans to break ground on another 360 units during the second half of 2012, according to the Business Journal.
Studies show that the Dallas-Fort Worth housing market recorded a 19 percent rise in new-home construction during the second quarter of this year. Given the increase in North Texas’ population over the past decade and the emerging demand for multifamily units, the DFW area will likely see more projects of this kind in the near future.
Chart courtesy of Marcus & Millichap Real Estate Investment Services Inc.
Photo rendering of Mission Hills Apartment Homes, developed by SWBC Real Estate LLC in San Antonio, courtesy of www.liveatmissionhills.com.