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.
The $150-million University Crossing project consists of a partnership between Southern Methodist University, DART, Dallas-based Prescott and others. Bisected by US 75, University Crossing will involve redevelopment of already existing structures as well as building new ones. Improvement of pedestrian walkways and streetscapes is in the plan as well.
The future Bush presidential library is also in University Crossing's geographic area, which is bounded by Mockingbird Lane on the south and University Boulevard on the north side. University Crossing will also benefit from a recently approved Tax Increment Financing District that will help transit-oriented developments along Dallas Area Regional Transportation light rail stations.
"SMU and University Crossing has a regional draw. Students commute, they live on campus, and there are educational uses," Marshall tells GlobeSt.com. "What the TIF funds allow us to do around University Crossing is to improve areas with pedestrian connectivity, streetscapes and other methods to promote DART ridership from in and around the area."
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