2011: Ready, Set, Build!

2011 may be shaping up to be a busy year in the Dallas real estate market, particularly in the area of in-town multi-family construction. As Dallas enters the year, multiple large apartment complexes begin construction, and others loom on the horizon.

The inner core neighborhoods continue to see on-going infill. Prescott Realty and SMU are shaping a new neighborhood along SMU Boulevard between Central Expressway and Greenville Ave. Prescott just broke ground on "The Boulevard," aptly named after Bishop Blvd. on the campus of SMU, a mixed-use development at the corner of SMU Blvd and Greenville Ave. The Boulevard builds on the success of The Shelby, another Prescott development on SMU, a fully leased apartment complex with retail on the first floor including a Twisted Root. In addition to the university's development of the strech in its long-term master plan, SMU Blvd is developing into a nice mix of residential, entertainment, and retail, all within a short walk of DART's Mockingbird Station.

As the university progresses in its long-term plan for SMU Blvd and as the George W. Bush Presidential Center and Library is completed, the activity in this neighborhood can only be expected to increase.

Meanwhile, Ross Avenue continues its slow crawl towards rebirth. At the corner of Ross and Hall, JLB Partners has broken ground on a mid-rise 4 story residential complex containing 372 units. JLB's new complex will expand the residential offerings already located in the Bryan Place neighborhood just east of downtown. This neighborhood continues to grow, although it lacks the variety in retail offerings and services which the residents of Uptown enjoy. Whether or not this most-recent addition to the neighborhood will contain retail is unknown. It seems logical that at least a small amount of retail space in this area would find success meeting the basic services needs of neighborhood residents.

Finally, JLB Partners has also purchased a tract of land in the West Village, at Blackburn and Central, between the Mondrian and Hwy 75, planning to build about 300 apartments, without retail. The popular West Village area of Uptown continues to see development finish out its vacant tracts. The Monterrey and Cityville at Katy Trail are the most recent additions, bringing additional residents and retail to the neighborhood. Recent work by the City and Cityplace TIF to finish out the street connections between Blackburn and Cityplace West Blvd. through the former Hank Haney Golf Center, is a good indication that these tracts (zoned high density residential mixed-use) will be developed in the near future. With its DART station and McKinney Ave. Streetcar connection, the West Village is well-connected and well-situated for Uptown residents who commute downtown.

Newly-released census data show continued population growth in Dallas. Additional residential developments of this sort, particularly apartments for lease, will surely find success as they meet the growing demand for in-town living options. As the economy recovers, these new projects are a positive sign of continued progress in the area of lending and construction. Here's to a prosperous new year in Dallas.