Dallas-Fort Worth is weathering a flood of apartment deliveries, but multifamily construction hasn't completely stopped.
Conor Commercial Real Estate has begun construction on Flynn at Live Oak, a 327-unit development located at 4931 Live Oak Street in Old East Dallas. It is scheduled to open in 2025.
The five-story, 500,000-square-foot project will include amenities such as dedicated co-working space and a top-floor bootlegger.
The project was expected to cost $50 million, according to documents filed with the state in 2022.
Addison-based Cadence McShane is leading the construction, and Dallas-based Merriman Anderson Architects is the architect.
Less than a decade ago, the Ross Bennett neighborhood in Old East Dallas, just blocks from the scene of the Flynn massacre, was recognized as one of the city's most violent neighborhoods. In 2016, Dallas police targeted the area for increased patrols.
The area's proximity to downtown and popular amenities like Jimmy's Food Store Italian Market and Dallasite dive bar has made it a trending spot for multifamily development.
Conor Commercial Real Estate is a Chicago-based developer founded in 1988. We have offices in Irvine, Dallas, and Phoenix.
The Flynn will be managed by Greystar, the nation's largest apartment owner and management company.
The project is located approximately 1.5 miles from a former Greystar-owned apartment complex that was foreclosed on earlier this year. Gabriela returned to lender Greystar, an affiliate of Ares Commercial Real Estate. The foreclosure stemmed from a $127 million mortgage on the property.
Gabriela is next door to the former Elan City Lights Apartments, where a construction crane collapsed during the 2019 storm, killing 29-year-old resident Kirsten Smith. A jury awarded her family $860 million in damages in a lawsuit against Greystar, which was found responsible for the accident.
Greystar is based in Charleston, South Carolina and has 66 offices worldwide. The company owns approximately 110,000 multifamily units and manages approximately 800,000 units.
