While construction stalls on other projects slated for Dallas’ Midtown district, plans have been filed for a 344-unit apartment complex east of the Galleria.
Dallas apartment builder Mill Creek Residential Trust has filed permits to build the rental property at 5327 LBJ Freeway, reports the Dallas Morning News.
It would be Mill Creek’s second rental development in the area. The builder began work in 2015 on a five-story, 321-unit apartment complex across from the Galleria Towers, and the Modera Apartments are now mostly leased, the DMN added.
The 430-acre Dallas Midtown project is valued at roughly $4 billion and includes the demolition and redesign of Valley View Mall, as well as office space, a hotel, and entertainment and retail space. The project lies between the Dallas North Tollway, LBJ Expressway, Spring Valley Road and Montfort Road.
It has attracted high-profile developers like New York City-based Seritage Growth Properties, which has teamed up with Dallas-based KDC to build up to 1 million square feet of office space at the mall’s now-empty Sears store.
"Seritage’s plans are going to be a transformational project that converts the Sears site into a highly-productive office and first-class retail, dining and entertainment destination," James Bry, executive vice president of development and construction for Seritage, told the Dallas Business Journal in December.
Midtown has also been proposed as a site for Amazon’s HQ2 campus. In September, the project’s stakeholders, including Seritage and KDC, unveiled a proposal for a 100-acre urban campus next to “Amazon Park” within Midtown.
But disagreements over zoning and public sector incentives have presented road blocks to Midtown’s further redevelopment, the DMN notes.
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Rank Business Transactions Closed in 2016 1 Keller Williams Realty 25,301 2 Ebby Halliday Real Estate Inc. 19,719 3 Coldwell Banker Residential Brokerage, Dallas/Fort Worth 7,652 View This ListMarch 14, 2018