BLVD opens first phase of apartment homes
Mixed-use development near Mockingbird Station, SMU welcomes first residents and is nearly half leased
“The property is more than 55 percent leased and leasing continues at a rapid pace,” said Taylor Stone, Managing Director, Multifamily, Prescott Realty Group, which in a joint venture with AREA Property Partners and Northwestern Mutual, is developing the project. “As the three restaurants on the ground floor open over the summer, demand will only increase.”
The BLVD is convenient to Southern Methodist University, Mockingbird Station--with quick access to the Dallas Area Rapid Transit (DART) rail--the Katy Trail and a wide variety of retail, restaurant and entertainment venues along Greenville Avenue and in Mockingbird Station. The BLVD represents phase four of Prescott’s efforts to re-develop the neighborhood into one of Dallas’ newest urban neighborhoods.
“The fact you can walk from BLVD to the DART light rail, the Katy Trail, surrounding retail, and entertainment will allow residents to experience a true live, work and play environment without having to rely on their cars,” Stone said.
The BLVD was designed to meet Leadership in Energy and Environmental Design (LEED) Silver certification. Projects are evaluated in seven categories: sustainable sites, water efficiency, energy and atmosphere, materials and resources, indoor environment quality, innovation in design and regional priority.
Residents at the BLVD will have access to an electric car charging station and they will be able to enjoy Energy Star appliances and windows and Green label carpet. The development also features a rain water harvesting system.
The mixed-use development sits on the site of the old Shamburger Lumber Co., a former brownfield that was cleaned up through a cooperative effort by the developers of the property, the cities of Dallas and University Park and the State of Texas.
The BLVD is part of the transit-oriented development (TOD) tax increment financing (TIF) District approved by the City of Dallas in 2008. The first to be approved by the city, the District focused on multi-station TODs. Its creation was a culmination of a four-year collaboration between the City of Dallas staff and City Council, DART, Southern Methodist University, Prescott Realty Group and various Lancaster Corridor stakeholders, including Veterans Hospital and The Urban League.
The TIF includes 559 acres in addition to public rights-of-way and stretches from the Lovers Lane/Mockingbird area along the DART rail line to the Lancaster/VA Medical Center region. The District will have a 30-year life, during which real property values are forecasted to grow from $320 million in 2008 to $3.52 billion by 2038. The incremental tax revenue expected to accrue to the District is projected to be approximately $328 million during the life of the TIF. The development will generate revenue for the entire TOD TIF, but it is being constructed totally with private financing and does not use any TIF or City of Dallas incentives.
Architect for the BLVD is Humphreys & Partners Architects, LP and Anders Construction is the general contractor. Greystar Property Company is the property manager.
About Prescott Realty Group
Employing 15 years of real estate expertise, Dallas-based Prescott Realty Group (www.prescottrealtygroup.com)