Park Cities developer Carl Westcott is venturing into the crowded but lucrative Dallas luxury multifamily market.
In November, Westcott affiliate Commodore Development broke ground on The Mark at Midtown Park, a four-story project on the east side of North Central Expressway, just north of Meadow Road.
The Mark at Midtown Park will include 274 units with floor plans from one to three bedrooms, with amenities including a resort-style pool with outdoor TV lounge and cabana, a clubhouse area that overlooks the pool, and a dog park with washing area. Lincoln Property Company will manage the complex.
“The demand for multifamily is still strong despite all the construction that’s been going up,” said Swayze Smartt, president of Commodore Development. “There’s not a whole lot of new multifamily product in that area.”
The project comes on the heels of last year’s launch of Preston Hollow Village, a nearby mixed-use development at the intersection of Central and Walnut Hill Lane.
The project is being built on a portion of 12 acres that Westcott owns at the site, which for decades was home to a Ford dealership, initially operated by Westcott himself. It’s been vacant since Troy Aikman Ford was demolished in 2008.
Two years ago, Commodore decided to rezone the site for multifamily development instead of selling it, in part because of the growth in retail and office development in the area, Smartt said.
“We’re really excited to serve that market,” Smartt said. “I think you’ll see a lot more besides us going in there soon.”
The complex will be built on the portion of the site facing the freeway frontage road, with the remaining acreage reserved for two potential additional phases in the future, he said.
It is adjacent to the 80-acre Midtown Park project, which was originally conceived as a mixed-use community but has since been sold off to a variety of developers. One of those is San Antonio-based Embrey Partners, which filed plans earlier this year for a complex consisting of 16 buildings and 400 apartments.
A few years ago, Westcott helped start Fountain Residential Partners, a firm that develops housing on college campuses. But this is the first ground-level multifamily project for Commodore.
“It could be a good opportunity with us going forward,” Smartt said. “Unless something changes on the demand side, we anticipate having this as part of our plan.”