Larkspur Capital is adding a $160 million development to its portfolio, in a slice of land between Dallas’ Deep Ellum and Fair Park.
Site clearing has begun for a seven-story, 240-unit multifamily complex at 4003 Commerce Street, called the Juniper, and it’s expected to make major headway this summer, the Dallas Morning News reported.
Construction costs jumped more than 20 percent, causing the developer to scale back its original plans, which had called for 19 stories and over 300 units, the outlet reported.
“Given the incredibly high level of cost inflation, particularly with concrete, it was clear that a concrete tower would no longer work,” Larkspur Capital president Carl Anderson told the outlet.
The $160 million estimated cost was reported in a Texas Department of Licensing and Regulation filing.
Ground-level retail, a private half-acre park, views of downtown Dallas and easy access to the Sante Fe Trail are among the amenities, according to Larkspur Capital’s website. Dallas-based architect Corgan designed the structure, and the project is set to be completed in 2025.
It’s located across the street from the Willow, a 190-unit multifamily development also owned by Larkspur. The firm’s other projects in the urban core of Dallas include the 280-unit Fair Park, 72-unit Zang Flats and the boutique 60-unit Capitol Flats.
Anderson is bullish on East Dallas because of its favorable tax treatments, lively entertainment scene and rich history.
“We’re in what used to be called the Gin District, which was comprised of cotton gin manufacturing buildings,” Anderson told the outlet last July. “Several of those same buildings served as munitions factories during World War II, and there’s a lot of history in this immediate pocket.”
—Quinn Donoghue
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