ATLANTA- Novare Group and Batson-Cook Development Company will begin construction on a sixth SkyHouse luxury apartment high rise, an innovative multi-family program with projects in three states representing an investment of nearly $400 million. The development partnership has issued the Notice to Proceed for SkyHouse Dallas, a 24-story, 336-unit luxury high-rise community at 2200 North Lamar Street adjacent to the House of Blues and Victory Park. The tower will appeal to Generation Y professionals who want to live in the city close to business centers, night life, culture and public transportation.
The project follows the successful SkyHouse Midtown in Atlanta, Ga., and other projects underway in Atlanta, Orlando, Austin and Houston. The developers are partnering with Simpson Housing, LLLP on the project, as they are in Austin and Houston. They expect for the building to be delivered in September of 2014. The Denver office of US Bank is providing construction financing. Stephen Whitehead with NorthMarq and Sherwood E. Blount Jr. brokered the land sale from seller, which is a partnership led by Hillwood, A Perot Company.
The innovation of the SkyHouse program lies in the experienced team lead by Atlanta based Novare Group with co-sponsor Batson-Cook Development Company, general contractor Batson-Cook Construction, national multifamily owner, developer and operator Simpson Housing, and architectural firm Smallwood, Reynolds, Stewart, Stewart. The partnership allows the SkyHouse communities to be delivered at a competitive cost basis in urban locations where strong demographic trends favor intown living but where apartment cost economics are otherwise difficult for high rise towers directed at a younger population.
“Hillwood is excited about the SkyHouse project for the Victory Park neighborhood and about the outstanding product that Novare creates,” said Ken Reese, Executive Vice President of Hillwood.
“We are very bullish on Texas and on Dallas, and our SkyHouse partnership with Novare Group and Batson-Cook fits very well with the location of the site that is well positioned close to opportunities to both work and play,” said Scott Henley, Senior Vice President, Simpson Housing LLLP.
“Our team of Novare Group, Simpson Housing and Batson-Cook Development Company are excited to be bringing SkyHouse to this part of Dallas,” said Novare Group President Jim Borders. “This location that is just northwest of the largest employment center in northern Texas and just south of Victory Park fits well with our strategy of serving the premier business centers of the country with great high rise rental residential communities. It will be a fantastic place for SkyHouse residents to live.”
“This is a demographically driven program targeting younger renters who desire convenient, transit linked and efficient residences. Between the years 2012 and 2017 4.2 million people will turn 22 every single year and for many in this demographic, they will find SkyHouse to be an ideal place to call home,” said Mark Stewart, Director of Investments, Batson-Cook Development Company.
SkyHouse features residential units of one, two and three bedrooms with high-end finishes and floor-to-ceiling glass. The signature “SkyHouse” is situated on the 24th floor with a club room, fitness area, and outdoor plazas that include a swimming pool, fireplaces, covered outdoor lounges and 360-degree views of the city. The project will be environmentally sustainable and Energy Star certified. SkyHouse Dallas will be in close proximity to Kylde Warren Park, the Perot Museum of Natural History and adjacent to the Victory Park and Uptown neighborhoods.