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Redevelopment Play In Works

DALLAS-In a pre-emptive move on marketing, Custom Properties has opened talks with a local developer about a 153-unit complex sitting on valuable dirt in the Medical District.

By Connie Gore | Updated on September 22, 2008

[IMGCAP(1)]DALLAS-A 153-unit class C complex on a 5.33-acre corner in the Medical District has caught the eye of a major developer in the first round of quiet showings. After Wednesday, the deal’s broker plans to knock on more doors.

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.”

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