A Houston-based development firm has filed plans to build a second high-rise project in the Turtle Creek neighborhood of Dallas.
Hanover Company’s first rental project on Turtle Creek Boulevard in Dallas is a 21-story high-rise with 341 planned units located north of Uptown. The rental high-rise is currently under construction and has a scheduled completion set for 2025.
The Houston-based developer has now filed plans for a second high-rise project that will serve as phase two of the firm’s larger development plans for the area, The Dallas Morning News (DMN) reported.
Hanover’s second project will sit on 2.5 acres in Turtle Creek and is expected to be a 20-story, 323-unit apartment tower, with a shared 10.5-level parking garage, according to documents filed with the Texas Department of Licensing & Regulation, as reported by the DMN.
Solomon Cordwell Buenz, the Chicago-based architectural firm that designed Hanover’s first high-rise project, returned as the lead designer for the firm’s second tower, DMN reported. Construction on Hanover’s second high-rise project is expected to break ground this summer, with a planned completion date of early 2026.
Hanover’s two high-rise developments are not the only projects heading to the Turtle Creek corridor of Dallas. Local developer One Turtle Creek recently announced a partnership with Rosewood Hotels & Resorts to build a 17-story high-rise, 46-unit condominium called Rosewood Residences Turtle Creek. The project is scheduled for completion in early 2025, with sales to commence in 2023.
Another residential high-rise project comes from California-based developer Nexus Development Corporation, which is building a 25-story senior living tower called The Vivante at Turtle Creek.
A 2023 report by the National Association of Industrial and Office Parks (NAIOP) Research Foundation indicates that Texas is benefitting from a surge in commercial property demand. In 2022, NAIOP ranked Texas as the most economically prosperous commercial property market in the U.S.
NAIOP Vice President Kathryn Hamilton noted in an email to DMN that the state received $184 billion in contributions resulting from its commercial property sector. However, demand for commercial properties in Dallas is decelerating relative to the broader real estate boom across North Texas, as issues with the local building permit process push some builders to explore development options outside the city.