Developer Urby Plans Multifamily Towers in Dallas

A New Jersey developer is planning a 27-story high-rise in Dallas’ Design District subsequent to a different tower it’s growing.

Actual property growth agency Urby will construct a $99 million, 364-unit tower close to Stemmons Freeway and Oak Garden Avenue, the Dallas Morning Information reported. It is going to be the second of three towers that Urby finally plans to construct on a 4-acre parcel in what is anticipated to be the most important mission within the metropolis’s Design District.

The agency plans to ship its first residences later this yr in a $98 million, 383-unit luxurious condo constructing, which was the primary tower within the plans. The second tower shall be full by August 2024, in keeping with state filings.

Amsterdam-based structure agency Concrete and Dallas-based 5G Studio Collaborative are engaged on each towers, the Morning Information reported. Common contractor Moss Building was employed for the primary tower, and it was unclear if it is going to work on Urby’s different deliberate high-rises.

Dallas-Fort Price is the nation’s fastest-growing condo market, in keeping with the Morning Information, with greater than 42,000 models beneath building. Total occupancy within the space is at a file low of lower than 3 %.

The Dallas-Fort Price-Arlington metro added probably the most new residents within the state final yr as individuals and corporations relocated to the world, in keeping with U.S. Census knowledge. Collin, Denton, Tarrant, Kaufman and Rockwall counties added greater than 117,000 individuals from July 1, 2020 to July 1, 2021, whereas the inhabitants in Dallas County took a nosedive as residents moved to the suburbs.

To make sure, there’s nonetheless curiosity in Dallas’ multifamily market. Buyers akin to Pegasus Actual Property and Tides Equities have acquired multifamily towers within the metropolis in latest months.

[DMN] — Kathryn Hardison