(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the multifamily market, click here.)
DALLAS-The Dallas Design District, a gradually transforming warehouse sector, is expected to be home shortly to 240 loft apartments and 40,000 sf of class A ground-floor retail, showroom and gallery space, according to Crow Holdings, a major property owner in a corridor between Stemmons Freeway and the Trinity River.
Atlanta-based Wood Partners, a national apartment and condominium developer, is Crow's partner in the multimillion-dollar project on Oak Lawn Avenue at Hi-Line Drive. A tentative groundbreaking is scheduled for early 2007. The City of Dallas' Design District Tax Increment Financing District is providing $4.4 million for the project.
Crow Holdings plans to make an undetermined investment to improve utilities, landscaping and lighting at the Design District, according to Crow Holdings director Steve Bancroft. However, Bancroft tells GlobeSt.com, it's still "too early" to provide a total estimated development or hard construction cost of the project.
The lofts and retail project is the first of several planned redevelopments by the Trammell Crow family of Dallas. Crow Holdings owns about 30 acres in the Design District area. The Crow-Wood project is on Turtle Creek and across the freeway from the Dallas Market Center complex.
"The property will be adjacent to a new hike and bike trail along the old meanders of the Trinity River, called the Trinity Strand Trail, which will connect to the Katy trail, two DART stations, the Trinity River Plan, the Victory project and Uptown," Bancroft says. Construction on the trail itself is scheduled to start in the third or fourth quarter of 2007. "Pedestrian bridges will span the meanders to connect one side to the other," Bancroft says. Denton County has donated three historic bridges for the project.
Dallas-based Good Fulton and Farrell Inc. is the project architect. Patrick Trask and Todd McCulloch of Wood Partners are leading the development, Bancroft says.
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