GarrettCarey
06-07-2002, 02:31 PM
I think this is more good news for Dallas. Any thoughts?
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Apartments, other projects in works for Maple Avenue
'Ripe for redevelopment'
06/07/2002
By STEVE BROWN / The Dallas Morning News
Wedged between a steel plant and the railroad tracks, the Maple Avenue lot doesn't look like a choice location for a new apartment community.
But developer Printice Gary sees beyond what's there today.
"Over the long term, the prospects for this location are outstanding," said Mr. Gary, who plans to build 224 apartments on the property located just south of Inwood Road.
Mr. Gary and his partners in the 5225 Maple Avenue project have reason to be bullish about the Maple Avenue corridor.
Sandwiched between the booming medical center district on Harry Hines and the prosperous Oak Lawn area, Maple Avenue has been so far bypassed by most developers. But that may not be the case for long.
Along with Mr. Gary's development, several other property plans along Maple between Oak Lawn and Inwood promise to bring new activity to the area.
"No one has noticed us over here, but we have been moving along and making progress," said Ray Quintanilla, chairman of the Maple Avenue Economic Development Corp., which will be the primary owner of the apartments when they are finished. "We've been hoping for something to happen here for 20 years, and it's finally starting to turn around."
Mr. Quintanilla's family has owned a furniture store on Maple for decades. He says he remembers when Mr. Gary first proposed turning the property, the former site of a grain elevator, into apartments.
"That took us by surprise," Mr. Quintanilla said. "But he showed us that it makes sense."
The deal makes sense, in part because of the nearby University of Texas Southwestern Medical Center at Dallas and Parkland Memorial Hospital.
"The location of the medical complex four blocks west of the site, including 20,000 to 25,000 jobs, was seen as a natural tenant source for the new apartments," said Mr. Gary, whose Carleton Residential Properties will be an investment partner in the project, along with GSSW Co.
BGO Architects designed the building, and Bank of America provided financing.
Rents in the apartment complex will range from about $650 to just under $1,200 a month _ or $1.03 per square foot on average. Most new apartments in nearby Uptown rent for $1.15 per square foot or more.
The first apartments should be ready for tenants early next year.
That's good news for longtime Maple Avenue businesses and newcomers to the area, said Charlie Bond, president of the nearby Elliott's Hardware store. Elliott's has been a landmark on Maple Avenue since the 1940s.
"I'm not surprised at all that development is finally happening. I've been expecting it," said Mr. Bond. "This area has been ripe for redevelopment for a lot of years."
Mr. Bond said he's keeping an eye on the old steel plant across Motor Street from his store. Real estate brokers predict that the medical school, county hospital district or another apartment developer will get the almost 20-acre site.
The Parkland Health & Hospital System is reviewing plans to redevelop the historic Woodlawn hospital buildings at Maple and Oak Lawn Avenue into a patient education center and local hub for nonprofit health care agencies.
"We are still in the process of evaluating the proposals [from developers and architects] that have come in," said Parkland spokeswoman April Foran.
Whatever happens to the vacant Woodlawn buildings will be an improvement for the neighborhood, said Frank Ashmore, whose family has run the nearby Sunshine Laundry for 61 years. "It will be great to have those buildings redone," Mr. Ashmore said. "Every little bit that gets redeveloped down here helps."
Developer Steve Shafer recently built a 15,000-square-foot shopping center on Maple Avenue near Elliott's and was surprised by the strong demand for new commercial space.
Lenders were less enthusiastic, he said. "It was very difficult to finance, even though it was 100 percent pre-leased," said Mr. Shafer, who has built retail all over North Texas. "I had a million calls from people wanting to lease space in it."
Mr. Quintanilla said he's hoping that the new apartment development and other projects planned along Maple will open investors' eyes.
"We're finally going to see some dirt flying," he said.
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Apartments, other projects in works for Maple Avenue
'Ripe for redevelopment'
06/07/2002
By STEVE BROWN / The Dallas Morning News
Wedged between a steel plant and the railroad tracks, the Maple Avenue lot doesn't look like a choice location for a new apartment community.
But developer Printice Gary sees beyond what's there today.
"Over the long term, the prospects for this location are outstanding," said Mr. Gary, who plans to build 224 apartments on the property located just south of Inwood Road.
Mr. Gary and his partners in the 5225 Maple Avenue project have reason to be bullish about the Maple Avenue corridor.
Sandwiched between the booming medical center district on Harry Hines and the prosperous Oak Lawn area, Maple Avenue has been so far bypassed by most developers. But that may not be the case for long.
Along with Mr. Gary's development, several other property plans along Maple between Oak Lawn and Inwood promise to bring new activity to the area.
"No one has noticed us over here, but we have been moving along and making progress," said Ray Quintanilla, chairman of the Maple Avenue Economic Development Corp., which will be the primary owner of the apartments when they are finished. "We've been hoping for something to happen here for 20 years, and it's finally starting to turn around."
Mr. Quintanilla's family has owned a furniture store on Maple for decades. He says he remembers when Mr. Gary first proposed turning the property, the former site of a grain elevator, into apartments.
"That took us by surprise," Mr. Quintanilla said. "But he showed us that it makes sense."
The deal makes sense, in part because of the nearby University of Texas Southwestern Medical Center at Dallas and Parkland Memorial Hospital.
"The location of the medical complex four blocks west of the site, including 20,000 to 25,000 jobs, was seen as a natural tenant source for the new apartments," said Mr. Gary, whose Carleton Residential Properties will be an investment partner in the project, along with GSSW Co.
BGO Architects designed the building, and Bank of America provided financing.
Rents in the apartment complex will range from about $650 to just under $1,200 a month _ or $1.03 per square foot on average. Most new apartments in nearby Uptown rent for $1.15 per square foot or more.
The first apartments should be ready for tenants early next year.
That's good news for longtime Maple Avenue businesses and newcomers to the area, said Charlie Bond, president of the nearby Elliott's Hardware store. Elliott's has been a landmark on Maple Avenue since the 1940s.
"I'm not surprised at all that development is finally happening. I've been expecting it," said Mr. Bond. "This area has been ripe for redevelopment for a lot of years."
Mr. Bond said he's keeping an eye on the old steel plant across Motor Street from his store. Real estate brokers predict that the medical school, county hospital district or another apartment developer will get the almost 20-acre site.
The Parkland Health & Hospital System is reviewing plans to redevelop the historic Woodlawn hospital buildings at Maple and Oak Lawn Avenue into a patient education center and local hub for nonprofit health care agencies.
"We are still in the process of evaluating the proposals [from developers and architects] that have come in," said Parkland spokeswoman April Foran.
Whatever happens to the vacant Woodlawn buildings will be an improvement for the neighborhood, said Frank Ashmore, whose family has run the nearby Sunshine Laundry for 61 years. "It will be great to have those buildings redone," Mr. Ashmore said. "Every little bit that gets redeveloped down here helps."
Developer Steve Shafer recently built a 15,000-square-foot shopping center on Maple Avenue near Elliott's and was surprised by the strong demand for new commercial space.
Lenders were less enthusiastic, he said. "It was very difficult to finance, even though it was 100 percent pre-leased," said Mr. Shafer, who has built retail all over North Texas. "I had a million calls from people wanting to lease space in it."
Mr. Quintanilla said he's hoping that the new apartment development and other projects planned along Maple will open investors' eyes.
"We're finally going to see some dirt flying," he said.