Boston, MA – (May 22, 2014)
GID announced today that is has formed a joint venture with StreetLights Residential to develop a 212 unit high-rise apartment building in the heart of Dallas’ Uptown neighborhood, one mile north of Dallas’ Central Business District. The development will be called Uptown Plaza Apartments and will be located at the southeastern corner of McKinney Avenue and Maple-Routh Connection, adjacent to the Uptown Plaza shopping center and across from the popular Hotel Zaza. The site is centrally located among Uptown’s wide variety of upscale dining and entertainment offerings, is just two blocks from Klyde Warren Park and will be one block from the Whole Foods under construction at the corner of McKinney Avenue and Fairmount Street.
The project will be constructed on just under one acre of land with 17 residential stories over a six level parking garage. The unit mix will consist of 61% one-bedroom units, 37% two-bedroom units and 2% penthouse units, with an average overall unit size of 1,048 square feet. Once completed, unit finishes will include ten-foot ceilings, hardwood flooring, granite counter tops, glass tile backsplashes and stainless steel appliances with gas stoves. The property’s amenity package will offer a resident lounge and outdoor garden area, a 7th floor amenity level with fitness center, club room and a pool with a sundeck overlooking downtown. The project is scheduled for completion in June 2016.
This transaction will be the first joint venture between StreetLights Residential and GID. Andy Huntoon, Assistant Vice President of Central Region Real Estate Acquisitions at GID commented, “This transaction provides an opportunity to develop a boutique high-rise community in what is arguably the best live-work-play location in Dallas at a cost comparable to recent sale transactions for mid-rise, wood-frame construction.”