A local real estate developer is set to break ground this summer on an exclusive residential high-rise in Dallas.
Dallas-based developer StreetLights Residential (SLR) is scheduled to begin construction on The Galatyn, a luxury 20-story, 234,000-square-foot apartment tower at the northwest corner of U.S. 75 and Monticello Avenue in Dallas, reported The Dallas Morning News.
The luxury tower will cost about $73 million to build and will consist of 56 residential units at an average size of 2,700 square feet, according to planning documents filed with the state and obtained by the DMN.
SLR acquired the Dallas-based property, which currently consists of a restaurant and a retail store, in 2022. To make way for the residential tower, SLR plans to remove the two structures before scheduled construction begins this summer, according to an email from Tom Bakewell, chief investment officer at SLR, per the DMN.
If construction stays on schedule, Bakewell said it would place The Galatyn’s grand opening around the Spring of 2025, the DMN reported. The luxury tower was designed by StreetLights Creative Studio, an affiliate of SLR.
The Galatyn apartment tower is not the only Dallas-based project SLR is working on.
SLR has partnered with Tokyo-based developer Mitsui Fudosan Co. to build The Oliver — a nearly 20-story apartment tower at the northeast corner of U.S. Highway 75 and Haskell Avenue, the DMN reported.
SLR was also responsible for a 2018 project called The McKenzie, a luxury 22-story, 183-unit apartment building off McKinney Avenue in Dallas, per DMN.
Real estate growth in Dallas and across North Texas continues to remain hot, despite a broader slowdown in real estate activity nationally. Because of this strong demand, Chris Kelly, president and CEO of Ebby Halliday Cos., suggests that DFW will be “one of the top real estate markets in 2023,” according to WFAA.
“That’s relatively speaking, but again, you’d rather be here because of the strong job growth,” Kelly said. “It just trickles into everything that we do in housing as well.”
Construction experts are eyeing Dallas as a quality place to build, but many are likely unaware of just how troublesome and slow the city’s building permit process is. Whether it is a residential, multi-family, or commercial project, Dallas’ permitting system can throw a major wrench into a developer’s scheduled timeline and budget.
