A Switzerland-based real estate investment firm plans to build its first residential tower in Downtown Dallas.
Empira Group recently announced in a press release that it had acquired a 1.1-acre development site in Dallas’ central business district that will be developed into a 375-unit multifamily high-rise.
Located at 711 N. Pearl St., the 37-floor apartment tower is forecast to feature 7,300 square feet of ground-floor restaurant space and a 2,500-square-foot outdoor plaza overlooking Celebration of Life Park in Dallas.
Empira has had Dallas on its radar for several years now, said Lahcen Knapp, the company’s chairman, despite the downtown area’s serious crime problem.
“From highly-educated young professionals to empty nesters looking for a vibrant lifestyle, everyone wants to live in Dallas,” said Knapp in the press release. “Our state-of-the-art development will provide new housing options to individuals and families who want to live within walking distance of the Dallas Arts District, shops, restaurants, parks and their workplace.”
Empira’s planned multifamily high-rise will cater to residents seeking extravagance in Dallas’ urban core due to its proximity to the Dallas Arts District and the city’s rich culinary and entertainment scene.
“Within a few blocks, residents can reach the most prominent visual and performing arts venues, such as the AT&T Performing Arts Center, the Margot and Bill Winspear Opera House, Meyerson Symphony Center and the Dallas Museum of Art,” Empira details in the press release.
Construction on the apartment tower is scheduled to start sometime in the second quarter of 2024, according to an Empira representative, The Dallas Morning News reported. Dallas-based architectural firm GFF is designing the tower and is currently zoned for 950,000 square feet of construction, according to Jones Lang LaSalle.
Empira Group manages nearly $9 billion in real estate investments and operates offices in London, Stockholm, Vienna, Luxembourg, and Miami. Besides the site in Downtown Dallas, Empira has also acquired two development sites in downtown Miami for future multifamily development.
The City of Dallas is notoriously difficult to build in because of its dysfunctional permitting process, which has contributed to negative growth in the city.
The Development Services Department’s median turnaround time for single-family permits in 2023 has been about 35 days, while larger commercial projects average around three to four months, according to historical data from the City, as previously reported by The Dallas Express.
