Dallas’ Uptown neighborhood is one of our favorite parts of the city, and with the rapid rate of development that’s been going on there for roughly the past decade, it's safe to say we’re not the only ones who love this lively and vibrant part of town.
Towards the end of last month, news broke about Developer Leon Capital Group breaking ground on a chic, urban-style apartment project right next door to the Cityplace complex. When finished, the new apartment community will stand six stories high and house more than 150 individual rental units—just the latest of several new construction apartment projects currently underway in Uptown.
But with land prices now at over $200 a square foot and fewer and fewer empty lots to build on, developers are now asking the question “what next?”
Part of any development process of course means maximizing profitability, and with higher land prices and rent prices at, or near, capping out, Uptown is starting to become a bit too pricey for some area developers looking to minimize risk.
Instead, submarkets like West Dallas, the Design District, the Farmers Market, South Side, and near East Dallas are becoming a hotbed for both apartment builders and consumers looking for a cheaper alternative to some of downtown’s hottest, and now most expensive neighborhoods like Uptown.
Believe it or not, average apartment prices around the Uptown and downtown Dallas areas are now hovering right around $1,800 per month, meaning expanding the apartment development footprint in the city isn’t only a savvy move for developers to make, but also a necessary one.
More and more people are looking to live an urban lifestyle, especially among the younger generations, and as rent prices continue to rise, the trend of finding new development opportunities in what were once unthinkable locations will likely remain—and that’s an exciting possability to think about.
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