Two developers are teaming up to build a cutting edge Oak Lawn condominium project in which the units will sell at a moderate price.
Winston Capital Corp. of Dallas and Barge Properties of Temple, Texas, have begun site work for their Tribeca condominium development near the Dallas North Tollway.
The three-story, 75-unit housing development will feature eye-popping architecture on a high-profile, in-town site.
"We wanted something a little trendy," said J. Scott Rodgers, vice president of Winston Property Development. "I've been wanting to do a more contemporary project, and this was a good location – the exposure to the tollway allows for that.
"Tribeca will feature the ultimate in convenience because of its immediate access to the Dallas North Tollway, downtown Dallas, Love Field and the medical district," he said.
The units, which will be completed late this year, will sell for between $130,000 and $240,000 – well below the cost of many other new housing projects in the Uptown and Oak Lawn neighborhoods.
With elaborate curved rooflines and multicolored facades, the flashy condo project will be a big departure in a neighborhood that consists of mostly older apartment buildings.
A 1970s rental complex on the southeast side of Cedar Springs Road at Prescott was demolished to make way for the development.
Builders said that the one- and two-bedroom condos will have direct-access garages, ceilings as tall as 19 feet in some units and a "waterscaped" swimming pool.
Fusch-Serold Architects designed the project, and David Griffin Realtors has been hired to market it.
The Oak Lawn-Uptown area is Dallas' biggest condo and townhouse market.
Sales there were up more than 15 percent last year, while area sales of preowned single-family houses declined.
Because of land prices, most of the new units have been priced well above $200,000.
"We think it will be a huge success because they have designed at a price point that is perfect for one of the biggest segments of the market," said Realtor David Griffin. "Almost everything in this price range flies out the door."
Winston Capital says it is working on several projects, including a planned 23-acre development next to a DART light rail station in Richardson.
"We anticipate doing infill projects in several major cities this year and over the next several years," Mr. Rodgers said.
