A long-vacant lot in the relatively untouched area of East Dallas is finally being put to use.
Illinois-based developer Conor Commercial Real Estate has targeted the vacant block on the corner of Live Oak and Bennett Avenue for a planned $50 million multifamily project. Construction on the five-story, almost half million-square-foot development is expected to start this spring and is set to open by 2024, according to the Dallas Morning News.
Based in suburban Chicago, Conor Commercial has mostly focused on office and industrial real estate since going into business in 1988. Like many out-of-state developers, the firm has seen a lot of potential in growing Texas submarkets around Austin and Dallas. The developer has been especially invested in Texas medical offices with six healthcare buildings across the state, including one on Dallas’ North Central Expressway.
The firm has tapped Dallas-based Merriman Anderson Architects to design the project.
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The area of East Dallas near the developer’s Live Oak site is relatively less active than its neighboring submarkets in North Dallas and downtown. The lot on Live Oak and Bennett is only a few miles from downtown and walking distance from local restaurants and a neighborhood grocery store, which is rare in a city largely reliant on car travel.
With Dallas-Fort Worth becoming the country’s top apartment building market with more than 40,000 units under construction, East Dallas has slowly begun to see a spike in condominiums and apartment projects.
[Dallas Morning News] – Maddy Sperling