Hill & Wilkinson Awarded Dallas Mixed-Use Construction Contract
- Feb 10, 2014
Richardson, Texas—Hill & Wilkinson has been awarded a $38.6 million multifamily construction contract for a six-story, 165-unit luxury apartment community in Dallas. The new community, Lincoln Knox Apartments, will be located at 4501 Cole Avenue on the former site of Ed Kellum & Son Audio/Video Appliances. The site is owned by Sarofim Realty Advisors and the project is being developed by Lincoln Property Company. Construction will begin this month and completion is expected to be complete by September 2015.
The community will join the hot Dallas multifamily construction market where job growth is creating a large demand for multifamily housing according to Hill & Wilkinson Multifamily Senior Group Manager, Jay Graham.
“Dallas, for the past several years, has been a net in-migration economy as far as jobs goes,” Graham tells MHN. “While single family housing has increased in Dallas, it’s not enough to cover the demands for housing. So when you couple jobs-jobs-jobs with demand versus products available, it’s not hard for me to understand why it’s still strong. I also believe there is a strong segment of the population that are renters by choice versus those wanting home ownership.”
Graham could not say whether mixed-use properties are gaining momentum in the Dallas area, but noted that there has been a push from municipalities to incorporate mixed-use elements into developments.
“It’s a very fine line for underwriting a mixed-use deal and determining whether it will or won’t work,” Graham says. “There has been a lot of pressure from the municipal planners to incorporate a mixed-use component in multifamily projects. But once again location is everything. Just because you build it doesn’t mean they’ll come because it’s mixed-use. Lincoln Knox is in a great urban in-fill neighborhood that will support a mixed-use project.”
In addition to the mixed-use component, which will feature a specialty grocery store and upscale retail shops, the Lincoln Knox Apartments aims to bring a new definition of green luxury rental living to Dallas’ Uptown neighborhood. The community will not seek LEED certification, but will be built in compliance to National Green Building Standards’ Bronze Level. Graham notes that green construction has become more affordable in recent years.
“I think as the concept of incorporating ‘green’ building assemblies into multifamily projects over the past several years have gained ground, the pricing has leveled out,” he says.
Amenities will include a resort-style pool in one of its courtyards and a fountain in another. In addition, residents will have access to a fitness center, leasing facility and business center. Units will feature designer cabinets, stainless steel appliances, wood flooring, granite countertops and architectural lighting. The community features a Walk Score of 77, a Bike Score of 70 and is located near dining and retail. The community was designed by Womack + Hampton Architects LLC.
“The Lincoln Knox Apartments are a natural extension of this upscale, walkable neighborhood and will offer outstanding amenities,” Graham adds. “We are pleased to have been selected as the general contractor with this project team.”