[IMGCAP(1)]RICHARDSON, TX-With nearly four months of dirt work now done, Dallas-based Criterion Property Co. LP will be going vertical in two weeks on the 360-unit Pradera, its second resort-style rental product in North Texas. Sources say the developer is close to signing JPI Management Inc. to oversee the project, estimated at more than $40 million.
The 14-building Pradera will start to come on line in January. The project is a joint venture first between Criterion and Dallas-based Trammell Crow Acquisitions Fund II, which kicked in the equity for the 30-acre development at the intersection of Custer Road and Texas 190. The mix of one-, two- and three-bedroom units will average 1,040 sf and rent for $1.20 per sf, on average.
Jason Leeds, Criterion’s vice president and Texas region partner, tells GlobeSt.com that the JV will wait until Pradera is stabilized before deciding if it will be a merchant build or a long-term hold. He says the last units will come on line in August 2009, with stabilization projected for first quarter 2010.
[IMGCAP(2)]Pradera’s development site is close to a 65-acre proposed office park by Hall Financial Group. The complex, with sustainable components, was designed by CSD Architecture and BGO Architects Inc., both in Dallas. Waterman Construction Inc. of Dallas is the general contractor. Land Design Partners of Austin is the landscape architect, weaving in seven pocket parks to a resort-style concept with outdoor “living rooms” outfitted with an oversized fireplace and plasma TVs for residents. Charlotte, NC-based Wachovia Bank provided construction financing.
A year ago, Criterion unveiled its first resort-style rental project, the Monterey-Uptown, a 371-unit development on 3.5 acres along McKinney Avenue in Dallas. Leeds says sites are under consideration in Austin on the east side of the river and Dallas for variations of the resort-style design.