Valencia Capital Management Releases Plans for 83-Acre Dallas Mixed-Use Community
- Nov 06, 2008
By Erika Schnitzer, Associate EditorDallas—Valencia Capital Management, a Dallas-based privately held real estate investment management firm, has announced plans for its new 83-acre mixed-use, transit-oriented community, Midtown Park. The master plan for the development includes high-rise condominiums, mid-rise apartments, luxury town homes, senior living, hospitality, medical office buildings and neighborhood retail, in addition to four acres of parks. Situated in the Dallas loop, Midtown Park is located in close proximity to a number of employers, including Presbyterian Hospital, Texas Instruments and Northpark Mall. Additionally, a DART (Dallas Area Rapid Transit) line runs through the site and plans are in the works for a shuttle to run through the community.Valencia has completed the zoning process for the site, an infill location that once consisted of 2,376 garden-style apartments, and is currently working on its infrastructure, which will take about 18 months to complete. Vertical construction is expected to begin in mid-2009.“I think we are going to great lengths to change the perception of this neighborhood,” says Tim Kaiser, principal, Valencia Capital Management. “It was a high-crime area in the last 10 years. We want to create an inviting place for people to walk, live and work.”Valencia has not yet found developers for the project, but Kaiser notes that the firm is considering joint venture opportunities as well. Either way, he says, “What’s important to us is that it’s a high-quality developer. We have to set the bar high on quality of development because that will set the tone for the rest of the project.”He adds that Valencia has had “numerous conversations with qualified multifamily developers who are currently facing the same capital situation as everyone else in the country.”The 72 acres rezoned into the planned development allow for up to 3,800 residential units, Kaiser notes. “What we want to try to do is establish for-sale and high-quality for-rent,” he tells MHN, adding that the PD (planned development) provides flexibility of evolving markets. Given today’s economic climate, Kaiser explains how Valencia is able to invest in such a project. “We are well capitalized. We have $10.3 million in bond money from the city of Dallas for paving, streetscape and drainage,” he says. Valencia plans to hold a reception to preview the development today. At the reception, Valencia will make a $10,000 donation to Vikery Meadow Youth Development Foundation. This weekend, the firm will implode the Meadow Inn, the final phase of the site to be demolished.