An apartment builder that’s finishing work on a high-rise near Highland Park is gearing up for another tower in downtown Dallas.
Mill Creek Residential is developing the Modera Katy Trail apartment tower on North Central Expressway at the edge of Highland Park. The developer has other new apartments on the way in North Oak Cliff and near White Rock Lake.
Now Mill Creek is also looking to build a 16-story rental project on Wood Street in downtown Dallas just blocks from the Farmers Market.
The Modera St. Paul high-rise would be built south of the Statler Hotel on what is now a parking lot. The building site is owned by Dallas’ Hamilton Properties, which has developed multiple downtown residential projects.
The more than half-million-square-foot building would start construction this spring and open in 2024, according to planning documents filed with the state.
WDG Architecture is designing the more than $70 million development that will include retail and a six-level parking garage.
Mill Creek officials confirmed that the project is in the works.
“More details will be released soon, but Mill Creek and our great partners Ted and Larry Hamilton are excited to come alongside other public, private, corporate, nonprofit and community partners in the ongoing effort to not only champion downtown as the nerve center of our region but establish downtown Dallas as a vibrant and diverse residential neighborhood,” Mill Creek senior managing director Michael Blackwell said in an email.
Mill Creek is one of North Texas’ most experienced apartment builders.
The 14-story Modera Katy Trail that’s opening soon on North Central has 217 luxury rental units.
And Mill Creek is also planning to start construction soon on another rental project overlooking the Trinity River near West Commerce Street and Beckley Avenue in Oak Cliff.
Mill Creek also has an apartment and retail site it is planning just south of White Rock Lake at East Grand Avenue and Garland Road.
With a severe shortage of rental units available in Dallas-Fort Worth, developers are ramping up construction to meet unprecedented demand.
At the end of 2021, less than 3% of D-FW apartments were vacant and rents were up by more than 17% year-over-year, according to RealPage.
