https://www.dallasnews.com/business/rea ... land-park/
New apartment project in the works for Oak Lawn near Highland Park
Crescent Communities buys property from Southwestern Bell
The industrial and office complex that sold on Irving Avenue dates to the 1960s.(Steve Brown)
By Steve Brown 3:49 PM on Jan 3, 2020
A developer that already has two large urban projects in Dallas has purchased property in Oak Lawn for another development.
Crescent Communities, the Charlotte-based developer of residential communities and apartments, just acquired its next Dallas building site on Irving Avenue, near the intersection of Oak Lawn and Avondale avenues.
The block is now occupied by an industrial and office complex that dates to the 1960s.
Crescent Communities acquired the property from Southwestern Bell Telephone, which has owned it since the 1980s. A parking garage and parking lot are included in the sale.
Crescent Communities’ managing director Peter Petricca confirmed the purchase and said the acquisition is for a new apartment community.
“Crescent intends to construct an approximately 315,523 square foot, multifamily residential tower” on the site, according to an agreement signed with the previous owners.
The development site is near Highland Park and Turtle Creek in an area that includes a mix of apartments, townhomes and retail.
Crescent Communities had almost 7,000 apartment units and 350,000 square feet of retail under construction in 2010, with operations in Charlotte, Atlanta, Orlando, Nashville, Dallas and Denver.
In Dallas, the company is just finishing work on a seven-story retail and apartment project on busy Canton Street in Deep Ellum. The Novel Deep Ellum project includes 230 apartments and 10,000 square feet of retail space.
In Oak Cliff, Crescent Communities opened its Novel Bishop Arts apartment and retail project on Zang Boulevard at Davis Street in 2019.
The development includes more than 300 apartments plus a 23,000-square-foot retail and restaurant space. There’s also space set aside for a new Central Market grocery store.
The purchase includes two buildings, a garage and a parking lot.(Steve Brown)