A Dallas developer is planning a high-rise project for the Preston Center neighborhood.
Cawley Partners is working with the owners of two condominium developments on Northwest Highway to build 9- and 16-story condo buildings where the 1960s-era Royal Orleans and Diplomat Condominiums currently stand, the Dallas Morning News reported. The new development would replace those two-story buildings on East Northwest Parkway with 225 apartments.
The developer has requested a zoning change for the project between Northwest Highway and Bandera Avenue, next to Hanover’s 23-story multifamily high-rise project, which will have 213 rental units. The Athena and Preston Tower condo complexes are also located along the same stretch of Northwest Highway.
Dallas-based architect GFF will design the buildings, which will include underground parking. The new project comes as zoning laws changed to allow for high-rise development on land, CBRE Group said.
Multiple projects are underway in the Preston Center area. The owners of the Preston Center Pavilion shopping center on Westchester Drive are planning a two-high-rise project with retail and 180 residential units on a portion of the property. In addition, Lincoln Property Company is working on two high-rise buildings on Douglas Avenue.
A few miles away, in Uptown, Chicago-based FRC Realty has filed plans with the state for a $95 million apartment building to be constructed just north of Turtle Creek. The 364,000-square-foot residential high-rise is planned for a property currently occupied by several low-rise residential buildings. GFF is the architect for that project as well.
Apartment demand in North Texas plunged in the third quarter last year. While the summertime is typically a strong period for apartment leasing, last year net leasing declined by more than 5,000 units in the three-month period. Mesquite, Rockwall, Ellis County and East Fort Worth reportedly had the biggest drops.
Read more
Commercial
Dallas
Mysterious Chicago firm plans resi tower in Uptown Dallas
— Victoria Pruitt