Austin-based Stonelake Capital Partners has set its sights on Dallas’ Deep Ellum neighborhood for its newest project.
Stonelake filed documents with the state to build a $123 million highrise on Taylor Street near Malcolm X Boulevard, the Dallas Morning News reports.
The lot currently home to a single-story office and industrial building will soon be the site of “The Ford” — a 17-story tower with 13 floors of apartments on top of a four-story garage. The filings indicate that Stonelake plans to break ground by the end of this year.
Houston-based ZCA Residential is designing the project, which is set to begin construction in May and will take two years to build, according to information supplied to the Texas Department of Licensing and Regulation.
Stonelake Capital owns more than $3.5 billion in real estate across the Sun Belt and recently formed a partnership with Dallas businessman Mike Karns to develop the two-block property off of Woodall Rodgers Freeway.
The Austin-based developer has two other Dallas developments in the works: the 25-acre Trinity Green apartment and single-family home community on Singleton Boulevard in West Dallas. Back in the Texas capital, Stonelake is also building a tower on a site it bought at a foreclosure auction from Nate Paul’s embattled real estate firm World Class with a credit bid of $17.8 million.
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