JV Unveils Mixed-Use Plan for Just-Bought Infill Tract

Kris Kaplan with Joe Foster Co. in Dallas, says the land assembly equates to a full city block with two out-parcels and some key frontage along Greenville Avenue. Five parcels, including the 50-year location of Kiser Heating & Air Conditioning Co., were assembled for the development site.

Kaplan started to push the project four years ago when the neighborhood's hard times were at a peak. The project plan has seeded a revitalization, with additional properties now under contract in "lowest" Greenville, between Alta Avenue and Lewis Street. "I love to go find these kind of opportunities that really enhance and improve the area," she says.

Kaplan last summer took the deal to Greenway Investment, which then laid out the plan before FirstWorthing. The just-sold land kicks off the final leg of planning; zoning cleared last week.Christy Hammons, vice president with Dallas-based Greenway Investment, tells GlobeSt.com that ground will break in March and delivery begin in the fall. Tenants in a handful of buildings will vacate apartments, single-family homes and businesses by Oct. 31, according to Hammons. Greenway's Jeff Brand will be handling retail pre-leasing for Cityville and FirstWorthing will market the multifamily component.

"These types of land assemblages involve a lot of 'moving parts' beyond the buyers and sellers-the city staff, neighborhood associations, the city council," Joe Foster says in a press release. "Kris is to be commended for spearheading the process."

Hammons says zoning was the primary hurdle to overcome. "But, the neighborhood group, the city and everyone came together," she says. Project estimates and a rendering aren't yet available.

Independent broker Bradley Kittle represented the Kiser family, which controlled the Greenville Avenue frontage. Jeanne Ragland with Republic Title handled the closing.