A New Jersey developer is planning a 27-story high-rise in Dallas’ Design District next to another tower it’s developing.
Real estate development firm Urby will build a $99 million, 364-unit tower near Stemmons Freeway and Oak Lawn Avenue, the Dallas Morning News reported. It will be the second of three towers that Urby eventually plans to build on a 4-acre parcel in what is expected to be the largest project in the city’s Design District.
The firm plans to deliver its first apartments later this year in a $98 million, 383-unit luxury apartment building, which was the first tower in the plans. The second tower will be complete by August 2024, according to state filings.
Amsterdam-based architecture firm Concrete and Dallas-based 5G Studio Collaborative are working on both towers, the Morning News reported. General contractor Moss Construction was hired for the first tower, and it was unclear if it will work on Urby’s other planned high-rises.
Dallas-Fort Worth is the country’s fastest-growing apartment market, according to the Morning News, with more than 42,000 units under construction. Overall occupancy in the area is at a record low of less than 3 percent.
The Dallas-Fort Worth-Arlington metro added the most new residents in the state last year as people and companies relocated to the area, according to U.S. Census data. Collin, Denton, Tarrant, Kaufman and Rockwall counties added more than 117,000 people from July 1, 2020 to July 1, 2021, while the population in Dallas County took a nosedive as residents moved to the suburbs.
To be sure, there’s still interest in Dallas’ multifamily market. Investors such as Pegasus Real Estate and Tides Equities have acquired multifamily towers in the city in recent months.
[DMN] — Kathryn Hardison
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