Financing Secured For Luxury Uptown Dallas Multifamily Tower
Austin-based developer Endeavor Real Estate Group has secured the financing needed to build The Lucille, a luxury multifamily tower planned for Uptown Dallas.
Endeavor brought on Canyon Partners Real Estate as an equity partner to develop the 22-story high-rise atop a four-level parking garage. Construction debt was provided by German bank Helaba. Endeavor declined to comment on the size of the new financing.
The Lucille will have 265 residential units, 3.5% of which are set aside with rents affordable to those making 81% to 100% of the median family income, according to Homes.com. Additionally, 10K SF of its 320K SF of rentable space will be dedicated to ground-floor retail, according to a press release.
“There’s tremendous job growth in the immediate vicinity of the site, and we’ve designed [The] Lucille to appeal to the types of working professionals that will live in this area,” Endeavor principal Will Marsh said in a statement.
The project will rise at 2700 McKinney Ave., next to the financial center locally known as Y’all Street and near entertainment, dining and shopping. Endeavor cites the area’s Walk Score as 97, or a “walker’s paradise.”
The building will include modern amenities, such as a coworking space, a fitness center, an outdoor dining area and a rooftop lounge with an infinity pool. Construction is expected to begin this summer, with delivery scheduled for the fourth quarter of 2028.
Endeavor purchased the site in 2018 and initially planned to build a 19-story office and apartment complex on the 1.1-acre site at a cost exceeding $121M, The Dallas Morning News reported.
The pandemic made most office construction unfeasible. Vacancy in the Dallas-Fort Worth market was still above 23% at the end of the second quarter, according to Cushman & Wakefield. Endeavor spent years working alongside community stakeholders to ensure the building’s updated design is compatible with its location and visibility, according the release.
“This location is truly becoming the new center of gravity and vibrancy for urban Dallas living,” Marsh said.
