Written by Phil Cerroni
TDI announced Dec. 7 that it has purchased 6.65 acres of prime real estate in Las Colinas for a $50 million residential development. The new development will have 386 apartments in multi-story buildings and will be the closest in walking distance to the recently opened DART Orange line station just across Northwest Highway from the Irving Convention Center. Construction is expected to begin in March 2013.
"This high profile location, which will include a landmark 6 story tower at Northwest Highway and Las Colinas Boulevard, is the ideal setting to create the next generation of multi-family product," said Brad Taylor, Executive Vice President and Investment Partner for TDI. "These homes will have extraordinary highway access as well as the available DART light rail system that provides easy access to Plano, Richardson and Downtown Dallas, and will reach D/FW airport by 2014."
The design will feature urban connectivity between the streetscape and community. The clubhouse spills out onto a retail-style urban patio area that interacts with the streets. Brownstone walkup style apartments at street level will interconnect the streets with the community in a seamless manner.
"This design created a community," said Taylor. "Offering residents access to five serene landscaped courtyards as well as an active courtyard with a resort style pool. The interiors of the apartment homes will include 10 foot ceilings, separate showers in select units and islands in every kitchen."
"The Las Colinas residential submarket has a 96 percent occupancy rate," said Taylor. "We will be offering the newest and one of the most unique products in that submarket. More than 100,000 people work in Las Colinas, which is home to the global corporate headquarters of five Fortune 500 companies and regional headquarters for 100 other corporations."
TDI currently has 1,406 units under construction in Texas, California and Arizona and has asset management responsibilities over 4,900 units nationwide. In addition, TDI has plans to develop an additional 2,320 units over the next 12 months that are in various stages of planning and predevelopment and is currently raising capital to complement their venture platforms in order to fund their expansion and business plan.