Development around Dallas’ Arts District has been active and fairly consistent over the last couple years, but according to reports, its largest project could still be on the way. As first reported by the Dallas Morning News earlier today, developers have officially filed permits to develop a sprawling 40-story residential tower, which if approved, would be one of the tallest buildings to be built in downtown Dallas in recent memory.
The impressive and ambitious new project is being proposed by Orlando-based ZOM Holdings, although the company also has offices in Fort Lauderdale, Virginia, and right here in Dallas. Its location at Flora and Olive streets sits just a block away from the Dallas Museum of Art, Klyde Warren Park, and countless other amenities and attractions this part of downtown has to offer, which no doubt would appeal to a wide range of potential tenants looking for a new place to live.
Despite just now submitting permit applications, the new 40 story high-rise has actually been in the works for over a year, leaving many to assume there should be very little resistance moving forward. And if all goes according to plan, construction should begin sooner rather than later.
With a construction cost of around $132 million, developers are estimating construction should take anywhere from 18 to 24 months. And once finished, the massive new building will hold 416 apartment residences, retail space, and additional restaurant space.