Developer McDougal Cos. spent three years assembling the land, blocks of mostly dilapidated buildings across the street from the university campus. The first to rise in McDougal's plan will be a 277-unit, mid-rise multifamily complex with 22,475 sf of retail and three floors of apartments. It also includes a parking garage, two courtyards and an 8,500-sf clubhouse with fitness center, multi-media room, coffee bar and laundry. The complex is a mix of one-, two- and three-bedroom units averaging 915 sf. Designed by Mark Humphreys of Dallas-based Humphreys & Partners, the Centre at Overton Park will deliver in August 2004.
Mona Carlton, senior managing director in Dallas for Holliday Fenoglio Fowler LP, tells GlobeSt.com that lenders' interest ran high to fund the project at the 80% ratio. Compass Bank in Dallas won the developer's nod with a three-year construction loan in an adjustable-rate packaging.
McDougal Cos., Carlton's 15-year client, was founded by Delbert McDougal, whose son, Mark, is Lubbock's mayor, and whose other son, Mike, is president and COO of the firm. Carlton says the city and the company have been working toward the project's start for years. McDougal Construction, deviating from its normal single-family housing product, will build Overton at Centre Park; McDougal Realtors will lease it. The project is going up along University Drive between 6th and 8th streets.
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