Shamburger apartment and mixed use development underway near DART Mockingbird Rail Station and SMU in Dallas
A joint venture between Prescott Realty Group, Northwestern Mutual and AREA Property is currently constructing a $45 million mixed-use development on the old Shamburger Lumberyard site near Southern Methodist University (SMU) in Dallas.
Within walking distance of the DART Mockingbird rail station and a quarter mile from SMU, the development consists of 417 apartments and 9,100 square feet of retail space and is the final phase in the revitalization of the University Crossing neighborhood.
Humphreys & Partners designed the mixed-use development, consisting of two levels of podium parking, street-facing retail space and three five-story buildings.
The five-story project at the Prescott-owned site near SMU Boulevard and Greenville Avenue kicks off the third phase of the broader revitalization of the University Crossing neighborhood.
The first phases of the revitalization were comprised of a parking garage at 6060 N. Central Expressway and construction of The Shelby, which opened in October 2009. That development includes 55 residential lofts and 3,700 square feet of retail on SMU Boulevard.
Combined, the three phases have a projected taxable value of about $65 million.
Prescott designed the project to meet LEED requirements and sustainable guidelines put forth by the City of Dallas. Upon completion of construction, the project will be LEED certified.
The Prescott project will be a major catalyst for a city tax-increment financing district designed to spur development along Dallas Area Rapid Transit rail lines, said Prescott CEO Jud Pankey. That will provide financing for southern-sector redevelopment along DART rail lines, he said.
The development will generate revenue for the city’s transit-oriented, tax-increment financing district, but is being built with private financing and will not use TIF or other City of Dallas incentives, Pankey said.
The purpose of the transit-oriented TIF, adopted by the Dallas City Council in April, is to encourage high-density, pedestrian-friendly developments around existing DART rail stations. The district stretches from the Lovers Lane area in the north to the Lancaster/Veterans Administration Medical Center area in southern Dallas.
The idea is to create “a string of pearls” along the rail line, while accelerating southern-sector development, said Pankey, who worked with the city and DART on creation of the TIF.
“The project will anchor a true urban neighborhood that includes a developing retail scene and interesting streetscapes in the area, “said Taylor Stone, Managing Director of Prescott Realty Group’s multifamily division. “It also will allow the residents easy access to many areas throughout the city via DART and encourage non-residents to visit for entertainment and shopping.”
The apartments will rent for $850 to $2,500 a month and cater to young professionals, SMU students and researchers on long-term assignment at the George W. Bush presidential library, Stone said. It will also attract residents who want easy access to the nearby Mockingbird DART rail station and the Katy Trail, he said.
Apartment preleasing will begin in early 2012 and the units will be ready for move-in by the summer of 2012, Stone said.
Full articles here:
http://www.studenthousingbusiness.co...t-housing.html,
http://neighborsgo.com/stories/66016,
http://www.bizjournals.com/dallas/pr....html?page=all