DALLAS-With its 55-unit Shelby under way, Prescott Realty Group is gearing up to break ground on the 450-unit Shamburger Lofts. The cost of both projects is $80 million and they’ll serve students attending Southern Methodist University.

Shelby, a loft-based project which will also include about 3,500 square feet of retail space, is on SMU Boulevard. Completion is expected for August 2009. Adjacent to the Shelby is at SMU Boulevard and Greenville Avenue is Shamburger Lofts, which will break ground sometime during Q1 2009. Shamburger Lofts, which will also contain a retail component, could be a phased development, though Prescott Realty director Bryant Marshall says the initial units could be open as early as fall, 2010.

“We’re targeting the student market with these, mainly graduate students,” Marshall comments. Both projects are in a proposed development area dubbed University Crossing.

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