UDR, one of the country's 20 largest apartment owners, paid $90.2 million for the site in 2022.
Dallas — Editor's note: This article was originally published as Click here for Dallas Business Journal.
Newly filed public documents reveal new details about a residential high-rise planned for one of Dallas' hottest development spots.
According to reports, the Federal Aviation Administration has determined that Colorado-based UDR Inc. (NYSE: UDR) will build a 25-story apartment complex at 2743 Turtle Creek Blvd. without materially impacting air operations. The green light has been given for construction. It was submitted to the government agency on February 15th.
Projects exceeding 200 feet above ground must notify the FAA. Construction on the 308-foot tower could begin in June 2025 and last until December 2026, according to documents. Dallas-based architecture firm HKS Inc. is listed by the FAA as his UDR representative.
Even with the FAA's OK, developers still need to follow the city's planning and zoning process and obtain building permits.
Attempts to contact UDR and HKS for further information were unsuccessful. Little has been heard about the project since 2022, when the company bought the site for $90.2 million, according to an earnings call at the time.
Other developers were planning to build office, hotel and residential towers on the site of the office building that once housed Republic Insurance, according to the Dallas Morning News.
The Turtle Creek neighborhood just north of Uptown Dallas is attracting high-profile projects despite a difficult funding environment.
Right next to the UDR site, Hanover Corporation is building a 21-story residential tower and has submitted plans for a second 20-story building. And about a block northwest, Validus Development Corp. plans to build his 30-story high-rise on a vacant corner lot north of Hood and Brown streets.
A $475 million Four Seasons hotel is planned just east of the UDR site. The project is proposed to include 233 hotel rooms, a four-story underground parking garage, 118 condominiums, and 10,000 square feet of ballroom.
UDR owned about 6,000 apartment units in the Dallas-Fort Worth area at the end of last year, according to financial reports. Its properties include his Thirty377 in Uptown and Vitruvian Park in Addison.
According to the National Multifamily Housing Council, the company owned just over 58,000 units nationwide at the end of 2023, making it the 17th largest apartment owner in the country.
