The early look is over the land and not really about the 95%-leased San Carlos Apartments at 2516 New Orleans Place. Joshua Shatz, principal of Dallas-based Custom Properties LLC, tells GlobeSt.com that the seller of record, San Carlos Associates LP of Dallas, is hoping to latch onto a co-developer deal to rework the dirt into a residential and retail redevelopment.

"This property will be able to get a zoning change for a mid-rise," Shatz says. "That's what we think and that's our expectations."

The owner acquired the complex two years ago, buying into a redevelopment pocket being spurred by Parkland Hospital's expansion plan. [IMGCAP(2)]In addition, the complex practically neighbors Children's Medical Center and within blocks of an under-construction Dallas Area Rapid Transit station. And right across the street is 5225 Maple Ave., where the top rent quote is $1,375 per month.