Empira Group has its sights on downtown Dallas for its first multifamily project in North Texas.
The Switzerland-based developer bought a 1.1-acre parcel at 711 North Pearl Street from Spire Realty, with plans to build a 37-story apartment tower, the Dallas Morning News reported.
Michael Swaldi and Jonathan Carrier of JLL brokered the sale, and terms of the deal were not disclosed.
The property is in a prime location, near downtown’s Arts District and across the street from a DART commuter rail stop. Empira, whose CEO is Marcus Bartenstein, aims to include 375 units in the tower, along with 7,300 square feet of ground-floor restaurant space and a 2,500-square-foot outdoor plaza overlooking a park.
Empira said Dallas has been on its radar due its transformation into “a national powerhouse, attracting new residents, professional talent and businesses,” Empira chairman Lahcen Knapp said. He added that the new project will be suited for individuals and families who want to live within walking distance of the Arts District, shops, restaurants, parks, and their workplace.
The site is zoned for a maximum of more than 950,000 square feet of construction, the outlet said. Dallas architect GFF is designing the building.
Dallas-Fort Worth has the fastest-growing apartment market in the nation. Over 74,000 new apartments were in the works at the end of last quarter, which was up from the previous quarter’s 65,642 new units. In Dallas, developers have been bullish on the area east of downtown, the Turtle Creek neighborhood and Uptown.
—Quinn Donoghue
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