Seattle’s Columbia Pacific Advisors recently met with three lower Greenville Avenue neighborhood associations to discuss preliminary plans for Vickery Towers. Located at the northwest corner of Greenville and Belmont Avenues, the senior living facility was purchased by the Seattle financial firm last year. Measuring 8.3 acres, the site is a dream location for residential redevelopment. It’s walkability to eateries on Greenville Avenue, and proximity to White Rock Lake and the Dallas Central Business District are sure to make it an attractive place to live.
The investment firm’s initial plans are to remove the existing buildings, and to build 50 to 60 town homes around the perimeter of the 8.3 acre property, with a 350 – 400 unit apartment complex in the center. Parking will be below ground level with no surface parking lots. Demolition of the existing buildings is planned for July 2015 and expected to be completed in two or three months. New construction will then begin and is expected to be completed in 24 to 26 months.
This is the second large development planned north of Henderson Avenue in East Dallas. Open Realty Advisors has a multi-acre retail and office development planned just north of Henderson Avenue. It’s plans also call for underground parking, which is much more expensive to develop, but much more aesthetically pleasing, than the massive concrete surface parking lots we’re accustomed to seeing in our North Texas suburbs.
If you are interested in selling or buying any real estate development sites in east Dallas, we’d love to help.
Call Troy Corman at 214-690-9682.