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Local Office Building Becoming Apartments

Real Estate

Apartments under construction | Image by Birdiegal/Shutterstock

A local property developer is set to start construction on a new Las Colinas rental community in early 2023.

Dallas-based Rosewood Property Co. plans to break ground on a new mixed-use rental development in March, according to planning documents filed with the state.

The 370-unit, five-story apartment development is being constructed at 200 W. John Carpenter Fwy. in Las Colinas. The development site previously housed Irving’s 46-year-old Allstate Insurance office building — the first office building constructed on the 18-acre development.

Rosewood purchased the nearly 20-acre property in early 2022, a year after the Illinois-based insurance company relocated its staff to a separate Irving-based office space. Shortly after the purchase, Rosewood promptly filed to have the site rezoned for mixed-use development and just recently had the site demolished to accommodate the forthcoming rental project.

Local architectural and planning firm Hensley Lamkin Rachel, Inc. designed Rosewood’s future development project, which has a planned completion date of 2025, roughly two years after initial construction begins, according to planning documents.

In recent years, Las Colinas has become a hotbed for new development projects and corporate relocations. Besides several new planned rental projects and lots of investor cash heading to Las Colinas in the coming years, the city is also set to welcome Wells Fargo to the area with its new regional hub.

This has helped feed into North Texas’s ranking as one of the fastest-growing real estate markets for 2023.

Dallas-Fort Worth achieved a top ranking among real estate investors for being one of the best cities in the country for real estate development, according to the Emerging Trends in Real Estate 2023 report by the Urban Land Institute and PricewaterhouseCoopers.

However, Dallas itself has not benefitted from this boom to the same degree as nearby cities like Irving. Rampant crime, homelessness, and vagrancy, all of which city leaders have failed or declined to address, make Dallas a much less attractive destination for businesses and individuals looking to relocate.

Paired with Dallas’ massive backlog for building permits, overseen by City Manager T.C. Broadnax, these crises have hampered the city’s ability to participate in the real estate boom sweeping the broader metroplex.

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