Dive Brief:
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Chicago–based Amli Residential has purchased vacant property to construct Dallas' first downtown tower in seven years, according to The Dallas Morning News.
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The residential high rise will be more than 40 stories and contain 367 rental units. The last area building to rise as high was the 42-story Museum Tower condominium project in the city's Arts District.
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Construction is expected to begin on Amli's tower this summer.
Dive Insight:
The building will join a host of high-rise residential developments currently underway in Dallas as Texas' residential construction sector booms to meet growing demand.
One such project, the $1 billion, 374-acre Mercer Crossing mixed-use development, broke ground last week and will feature apartments and single-family homes, as well as commercial and retail space. Nearby Fort Worth, TX, is also set to get a 7,200-acre master planned community via Dallas-based Republic Property Group that will feature 15,000 homes, a 10,000-square-foot-gym, a pool and walking trails.
Dallas-area Rowlett, TX, has another $1 billion mixed-use development in the works. The Bayside project will feature two acres of beaches along Lake Ray Hubbard, a marina, 700 hotel rooms, 3,000 residential units, 800,000 square feet of office and retail space, more than 1 million square feet of commercial space and 300,000 square feet of entertainment and restaurant venues.
Scottsdale, AZ–based national homebuilder Taylor Morrison announced in August 2016 that it plans to expand into Dallas–Fort Worth, where it has already set the groundwork for a master-planned community in north Dallas.