Gables Residential, one of Uptown’s prime apartment landlords is panning to restarts the delayed development of residential apartments. The global economic recession has put the brakes to Gables’ residential apartments project, as well as to other construction and development projects in Dallas.
The developers of the project had knocked-down the old building of the property a year ago but did not start the construction. Now the owners, Gables Residential are planning to push through with the development of the 329 residential apartments.
Gables Residential’s property is located a block away from the Katy Trail, the vacant corner of Fairmount and Carlisle streets.
Gables Residential’s principal, Tom Bakewell said that they have the quotes for the residential apartments from several lenders. He also said that there are now other developers who also planning to push-through with the construction of other multifamily projects, and he talked to some of them regarding their plans for starting with smaller projects.
Bakewell also stated that in their Uptown portfolio is experiencing a dramatic change regarding rents and occupancy for the last 45 to 60 days, and the construction cost is 10 per cent under from three years ago because of the lesser volume of residential apartments’ construction.
Other developers and builders are now looking at the construction cost and sites.
According to MPF Research analyst Greg Willett, there are only about 4,300 residential apartments that were built in the D-FW district, and the last time they delivered lesser than 5,000 units for a year was back in 1994.