JPI Breaks Ground on DFW Apartment Communities
- Oct 10, 2016
By Jeffrey Steele
Irving, Texas–Multifamily housing developer JPI has broken ground on two new communities in the Dallas-Fort Worth Metroplex.
They are Jefferson West Love, a 368-unit luxury apartment development on 5.9 acres in the Medical District of Dallas and Jefferson Landmark, a 324-unit upscale rental community on 4.1 acres in Farmers Branch.
Jefferson West Love is expected to be complete in summer 2018, with initial occupancy earlier that year. Jefferson Landmark is slated to commence occupancy in spring 2018.
Jefferson West Love will be a key component of a $200 million mixed-use development, which upon completion will also include 200,000 square feet of office space, 65,000 square feet of retail space and a 244-room combination Aloft and Element Hotel.
“Jefferson West Love is located in a mixed-use neighborhood that has been in the redevelopment stage for a while now. Mixed-use redevelopments always have their challenges, and numerous other developers had worked on the site previously,” JPI Senior Vice President & Development Partner Matt Brendel told MHN.
“JPI was able to have open and direct conversations with the land seller to work in a collaborative way to overcome the obstacles. In fact, the land seller has decided to be an investor in the development opportunity as well, and we are excited about the partnership.
“Jefferson Landmark straddles two municipalities, Farmers Branch and Addison, which presented unique challenges. We successfully worked with both cities to create a development of which both communities can be proud. We also worked closely with Cawley Partners, the office developer for the new 200,000-square-foot building adjacent to our site, to ensure the developments work in a cohesive way.”
Designed by GFF Architecture, Jefferson West Love will be situated in very close proximity to an array of significant business engines of the local economy.
The development is one block from Dallas Love Field Airport, recently ranked by J.D. Power & Associates as the top-performing airport in its class. The airport generates more than $2 billion each year for the Dallas economy. In addition, more than 1,000 area employment opportunities are expected to be created by Southwest Airlines’ ongoing $100 million expansion of its corporate headquarters. Nearby, Parkland Health & Hospital’s new $1.3 billion medical facility, the largest such project in the nation, is creating an anticipated 2,000 to 3,000 new jobs. Not far away, the Stemmons Corridor, with its more than 5,000 businesses employing more than 170,000 people, accounts for almost 10 percent of Dallas County employment.
Jefferson Landmark will be situated just northwest of the intersection of I-635 and the Dallas North Tollway, among the most highly trafficked interchanges in the region and a gateway to North Dallas. Adjacent to the site, a new 200,000-square-foot office building called Tollway Center was recently completed. The site is also a block away from Village on the Parkway, with 50 stores anchored by Whole Foods, 24-Hour Fitness and AMC Theaters. Based on MPF data, the Jefferson Landmark submarket is 96.3 percent occupied, lifting it almost a point higher than overall metro-area occupancies. The submarket has exhibited rent growth of 7.4 percent over the past year, putting it 1.5 points higher than the metro.
The new community will feature a resort-style swimming pool, community courtyards, a state-of-the-art fitness center, a yoga studio and a coffee bar.
One particular challenge has been notable at both development sites. “Construction costs continue to increase at a rapid pace,” Brendel said. “JPI in partnership with its renowned design firms including GFF Architects on West Love and Humphreys on Landmark has implemented a smart and unique design to maximize the efficiency of the sites to their highest and best use.”
Based on its market intelligence, JPI is confident Jefferson West Love and Jefferson Landmark have the potential to be some of the DFW area’s most successful and longstanding communities, Brendel said. “With Jefferson West Love’s close proximity to the medical district and Dallas Love Field Airport as well as Jefferson Landmark’s close proximity to Addison Circle and the Galleria Office Towers, both of these neighborhoods are poised for long-term growth.”