Project on Rise West of Galleria: Luxury Apartment-Retail Complex to Replace Old Industrial Building
Posted on: Friday, 12 May 2006, 12:04 CDT
By Steve Brown, The Dallas Morning News
May 12--Developers have broken ground just west of the Galleria mall on an 8-acre shopping and housing complex.
The urban-style development, being constructed by builders Opus West Corp. and Alliance Communities, will replace an old industrial building.
The project includes 333 apartments and 40,000 square feet of retail space in the buildings at Galleria Drive and the Dallas North Tollway in Farmers Branch.
"We think this project will kick off a lot of redevelopment on the west side of the tollway," said Steve Chilton, Opus West's director of real estate in Dallas.
"We like the location and its access and visibility."
The four-story complex was designed by architect James, Harwick+Partners Inc. and will be called Broadstone at Galleria.
The development will open in about a year.
Mr. Chilton said apartments would rent for more than $1.40 per square foot, or more than $1,260 for the average unit.
Opus bought the tollway property late last year and knocked down an old showroom and warehouse building that was originally a trading stamp redemption center.
Although Opus has built primarily office and industrial projects in North Texas, the Minneapolis-based firm has a track record with retail and residential projects in other cities.
"We've done two projects in Houston with Alliance, and we've got three projects in Austin we are working on with Trammell Crow Residential," Mr. Chilton said.
"This will be our first Dallas-Fort Worth project" that includes retail and apartments.
Alliance Communities has several apartment developments under way in the Oak Lawn area and is finishing a project in Lewisville.
"We have a good relationship with Opus and are doing several projects with them," said Nick Chapman, North Texas division partner for Phoenix-based Alliance Communities.
"Right now, we believe in the Dallas apartment market," Mr. Chapman said.
"Supply is in check and job growth is up, so the next couple of years look good for Dallas."
E-mail stevebrown@dallasnews.com
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Source: The Dallas Morning News
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