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Young Renters Seek Hip Areas at Low Cost

The micro-unit concept of approximately 103 total units was chosen due to the growing demand of rentals aimed at young professionals who want to live in popular neighborhoods without paying steep rents.

Ambassador Hotel The renovation and redesigned plans will have approximately 23 units on each floor.

DALLAS—The Ambassador hotel, originally the Majestic Hotel, was once considered one of Dallas’ most luxurious residential properties. Jim and Amanda Lake, owners and developers of the 112-year-old Ambassador Hotel project, plan for the rehabilitation and adaptive reuse of the existing six-story historic hotel to be transformed into micro multifamily units with amenities located on the ground floor and sixth floor terraces.

Dallas-based Merriman Anderson/Architects has been selected as the architect for the project and will design the project to qualify for Texas and federal historic tax credits. Merriman Anderson will provide architectural, interior design, state and national historic tax services, and TIF application services.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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