Winston Capital Corp. of Dallas and Barge Properties of Temple, TX are jumpstarting their alliance with Tribeca, an $8-million, 75-unit development of moderately priced "for sale" condos at Cedar Springs Road and Prescott near the Dallas North Tollway. At least three other complexes in the neighborhood will be put under the duo's magnifying glass to weigh their redevelopment promise, J. Scott Rodgers, vice president of Winston Property Management, tells GlobeSt.com.

Affiliate Winston Property Development will steer the Tribeca project just as it will an 85-unit complex, gearing up for a late spring or early summer start on a 2.2-acre tract bought last summer along Cedar Springs. That project, though, is solely under the Winston Capital flag.

"We've been holding off until now to redevelop and paint a new face on that area of town," he says, noting the plan could take five to seven years to build out. The bet is resting on the neighborhood's proximity to downtown, Uptown, Love Field and the Medical District and the absence of mid-priced housing. Rodgers says his nearest competition in his "for sale" condo price point is two miles north on a tract being plotted by a former FirstWorthing business associate, Andrew Carnahan of Foresight Development, a subsidiary of Republic Properties.

Tribeca's first units will start delivering in late summer on a 2.1-acre parcel that once held a 1970s-era complex with 75 units. Rodgers says the partnership has funded Tribeca with private equity and a construction loan from Cleveland-based Key Bank.

Rodgers says the pro forma calls for the units to be sold out in 18 months. It could go somewhat quicker than that, he explains, because other product in the same price range--$130,000 to $240,000--is selling at a relatively quick pace. The units will range from 744 sf up to 1,291 sf.

The Tribeca line-up has FirstWorthing Construction Co. as general contractor for the project designed by Fusch-Serold Architects of Dallas. David Ferraro and Carolyn Sacks, both of David Griffin Real Estate in Dallas, are marketing it.