The Central Will Include 4 Million SF of Office, Residential and Retail Space
November 02, 2022
DALLAS – Transwestern Real Estate Services (TRS) announces Streetlights Residential has purchased 1.86 acres of land from De La Vega Development for the development of a 351-unit apartment tower called The Oliver.
The site, which is a part of the The Central, a 27-acre mixed-use project located at the northeast corner of North Haskell Ave. and N. Central Expressway, will feature units in ranging from 585 to 1,830 square feet. The apartment tower is being constructed with support from Toyko-based Mitsui Fudosan.
Steve Williamson, Senior Vice President and Managing Director for Retail and Urban Land Services at Transwestern, facilitated the land sale between De La Vega Development and Streetlights Residential.
“Convenience is so important in today’s environment,” said Williamson. “This location for Streetlights, with its close proximity to downtown, shopping, restaurants and a beautiful central park, will cater to today’s consumer preferences, which have evolved over the past few years.”
The Central Dallas is a planned 4 million-square-foot urban mixed-use development focused on connectivity with upscale multifamily, hospitality, office, retail and restaurant use as well as an activated 3.5-acre park.
“The Central will offer the community a truly unique experience in Dallas-Fort Worth with an environment to work, collaborate and relax,” said Artemio De La Vega, President and CEO of De La Vega Development.”
According to Transwestern research, developers continue with plans for new developments in Dallas-Fort Worth as competing projects lease-up. Leasing velocities in urban Dallas support new projects breaking ground despite higher levels of construction. Additionally, employment may grow by 11% or more over the next ten years, creating supportive conditions for office demand in the long term. At the same time, a preference for new 'experiential office' has become ubiquitous among tenants, driving demand toward higher quality assets.
“The Central will become a top destination for retailers and residents alike, and we are thrilled to be part of this mixed-use community,” said Greg Coutant, StreetLights’ Vice President of Development.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management, and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.