An Austin real estate firm is the latest developer scouting The Cedars neighborhood south of downtown Dallas.
SITG Capital Partners LLC is preparing to build a new rental community on South Akard Street near the Dallas Police Department headquarters.
The five-story, 50-unit apartment project is scheduled to start in a few months and would open in 2025, according to planning documents filed with the state.
Dallas architect Corgan is designing the project at 1601 S. Akard, which will cost more than $8 million.
SITG Capital’s description of the project says “downtown Dallas views and a rooftop amenity deck are the highlights.”
The Austin-based property firm has been in business since 1993 and has more than $1 billion in assets under management. The company also has several new projects in Houston.
Interest in the Cedars district south of Interstate 30 has increased as developers have targeted the area for construction.
Austin-based apartment builder OHT Partners is planning a $60 million rental community on the former site of the historic Ambassador Hotel on South Ervay Street. Builder Larkspur Capital plans to construct a 155-unit rental townhome community on Corinth Street adjacent to the DART rail line.
Several other builders also are working on small townhome projects and other developments in the historic neighborhood on Dallas’ near south side.
